The Ministry of Finance recently revised its proposed legislation banning virtual currency activity, reducing the applicable fines by approximately 20-50%. However, the activities banned by the proposed legislation remain as described in our previous post on this topic.

Last week, the Russian Finance Ministry, in conjunction with the Ministries of Economic Development, Communications, Internal Affairs and Financial Monitoring, issued draft legislation amending existing Russian law to prohibit the distribution, creation and use of virtual currencies. The draft law:

  • Amends Russian Federal Central Bank law to:
    • Allow the Russian Central Bank to determine what