Russian Ministry Proposes Amending Law Prohibiting Crypto Transactions

Russian ministry proposes amending law prohibiting crypto transactions. Russia’s Ministry of Finance has allegedly proposed a set of amendments to the law “On Digital Financial Assets,” or DFA, which prohibits many operations with crypto.

According to local news agency Izvestia, the proposed amendments envision a “blanket ban on any operations with virtual money for individuals and individual entrepreneurs” except for three scenarios. The ministry is reportedly aiming to ban all crypto transactions except through inheritance, bankruptcy and enforcement proceedings to obtain assets.

The amendments reportedly intend to prohibit miners from receiving payment for cryptocurrency mining. “Standalone crypto mining is legal, but it loses its financial value because the payment is usually processed in Bitcoins and Ethers,” Izvestia reports.

The current news poses even more confusion to Russia’s current legal situation with crypto. In July 2020, after Russia finally passed its DFA bill, local authorities subsequently said that the regulation will be set out in another law referred to as the bill “On Digital Currency,” or DA. While the DA bill is expected to pass in late 2020, the DFA law is scheduled to be adopted in January 2021, banning crypto-denominated payments in Russia.

[image: Nikita Karimov]

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