The Expert Council under the State Duma of the Russian Federation discussed the amendments to the bill “Digital Currency” that will reduce the risk of losing investments.

The main concerns of the authorities are the volatility of cryptocurrencies, the realities of fraud and cyber threats. In this regard, they propose to establish special requirements for licensed entities authorized to transact with digital currencies.

Potential rules include mandatory registration of trading platforms in the Russian Federation, financial stability, increased requirements for the composition of the management and security of information systems. Council members also supported the division of investors into qualified and unqualified, by imposing restrictions on transactions with individuals.

It is advisable to characterize cryptocurrency mining as an entrepreneurial activity with the creation of commercial electricity tariffs. According to experts, household mining requires separate regulation, which they consider necessary to include a description of household energy consumption on the bill.

The proposed changes will be sent to the government for further consideration.

Recall that the draft “On Digital Currency” developed by the Ministry of Finance provides for transactions with cryptocurrencies through Russian banks, identification of holders of crypto wallets and separation of investors by qualifications.

In April, the ministry changed the terminology of the document. Then it became known that a number of proposals were made from the FSB, the Federal Tax Service and the Ministry of Internal Affairs.

Now the authorities of the Russian Federation continue to discuss options for regulating the cryptocurrency market, so it is not worth waiting for the bill “On Digital Currencies” to be submitted to the State Duma in the near future.