OREANDA-NEWS. The Ministry of Finance of Russia proposes to allow foreigners access to purchase cryptocurrency both through Russian cryptocurrency exchanges and on existing foreign exchanges. This was reported by Interfax with reference to the concept of regulation of the cryptocurrency market developed by the Ministry.

At the same time, funds from cryptocurrency platforms will have to be withdrawn through Russian banks, the document says.

“In the event of the formation of a legal turnover of cryptocurrencies in the Russian legal field and within the framework of the Russian financial system, there is a high probability that foreign investors will come to purchase newly created cryptocurrencies from Russian miners,” the Ministry of Finance noted.

Earlier, the Russian government approved the “Concept of legislative regulation of the mechanisms for organizing the circulation of digital currencies”, according to which the circulation of cryptocurrencies will be regulated by the state with an “emphasis on protecting the rights of ordinary investors”. This was reported by the press service of the Cabinet of Ministers of the Russian Federation.

It is noted that various departments participated in the discussion of regulatory measures: the Ministry of Finance, the Bank of Russia, Rosfinmonitoring, the FSB, the Ministry of Internal Affairs, the Federal Tax Service, the Ministry of Economic Development and the Prosecutor General's Office.