Russia’s Ministry of Finance has reportedly made an additional move towards the drawn-out opposition stance against the nation’s Central Bank (CBR), via rolling out a bill proposal of crypto-asset regulations.

Specifically, the Ministry reportedly put up a draft of the federal law “On digital currency” to the authority on February 21st. This legislative process is the predecessor of the transitioning of the legislation to the parliament for review.

The agency reportedly mentioned the “formation of a legal marketplace for digital currencies, along with determining rules for their circulation and range of participants” to be the driving force behind this decision. 

The bill’s authors reportedly highlighted that obtaining legal tender status is not a target of the bill, but rather attempts to provide a definition to cryptocurrencies as an investment instrument.

The bill reportedly drew up a licensing regime for the platforms currently supporting the circulation of virtual assets, as well as laying down demands in prudential, risk management, data privacy, and reporting, which operators of that kind would follow. 

Buying and selling crypto are only considered legal when carried out through a bank account, and it is proposed that both crypto platforms and banks employ Know Your Client protocols.

The legislation further aims to make it mandatory for digital asset operators to inform retail customers of the potential risks that come with crypto trading, with users having to pass an assessment test regarding their knowledge of crypto investment practices and risk awareness. 

The ones receiving the passing status of the test would be subject to an annual investment limit of 600,000 rubles (approximately $7900); those who fail to pass the test would only be allowed to invest a maximum of 50,000 rubles ($650) yearly.