The Ministry of Finance of the Russian Federation has proposed a new approach to the regulation of cryptocurrencies

The Ministry of Finance of the Russian Federation is considering the possibility of dividing cryptocurrencies into three types for their further regulation. This was announced by Deputy Minister of Finance Alexei Moiseev, writes RNS.

A new approach to regulation was developed during a panel discussion of the Russian Union of Industrialists and Entrepreneurs.

“You can divide cryptocurrencies into three types: technical tokens that occur to maintain the functioning of the system, virtual assets, that is, bitcoins, and digital financial assets – these are, relatively speaking, ICOs,” Moiseev said.

According to him, this approach should satisfy the needs of the business:

“If you adjust them among themselves, adjust digital financial assets and technical coins, then this will be enough for the business.”

Note that the proposal of the Ministry of Finance of the Russian Federation is to some extent similar to the position of the UK regulators. In July, the British Financial Regulation and Supervision Authority (FCA) published the final version of the cryptocurrency asset guide, highlighting three types of digital assets: security tokens, utility tokens, and exchange tokens.

The latter included Bitcoin, Ethereum, Litecoin and all other cryptocurrencies that are not within the jurisdiction of the FCA.

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