MOSCOW, March 12. /TASS/. The Bank of Russia has submitted proposals on regulation of investment in cryptocurrencies for discussion to the government as it suggests that a limited circle of investors be allowed to buy and sell cryptocurrencies, the regulator said in a press release.
“The Bank of Russia as directed by Russian President has submitted proposals on regulation of investment in cryptocurrencies (digital currencies) for discussion to the government. It is suggested that a limited circle of Russian investors be allowed to buy and sell cryptocurrencies. For doing this, it is planned to introduce a three-year regulatory sandbox,” the Central Bank said.
Meanwhile, only “particularly qualified” investors will be able to carry out transactions with cryptocurrencies inside the regulatory sandbox, according to the press release.
The regulator also suggests that concurrently with introducing a special regulatory sandbox on deals by a number of investors with cryptocurrency a ban be imposed on payments between residents outside the regulatory sandbox, as well as responsibility for its violation be determined.
Outside the regulatory sandbox, it is planned to permit all qualified investors to invest in cash settled contracts, securities and digital financial assets, which do not stipulate supply of cryptocurrency to investors, but whose yield is pegged to its cost.