Russia: Russian Government adopts concept of Legislative Regulation of Mechanisms for Organizing the Circulation of Digital Currencies

On 8 February 2022, the Russian Government announced the ”Concept of Legislative Regulation of Mechanisms for Organizing the Circulation of Digital Currencies”. The regulation aims to integrate digital currencies into the financial system by creating requirements that investors have to meet in order to be designated as “qualified”. The adopted concept for regulation outlines a mechanism through which cryptocurrency platforms can acquire a licence to operate. Furthermore, the adopted concept states that cryptocurrency platforms will be obliged to inform consumers about the risks that digital currencies carry.