The Russian finance ministry said it had submitted draft legislation regulating cryptocurrencies, including client identification and a cap on investments.
Russia is one of the world's top crypto-mining nations and authorities have for years criticised cryptocurrencies over fears they can be used for illegal activities and called for regulation.
"The proposed changes are aimed at creating a legal market for digital currencies with the establishment of rules for their circulation and the circle of participants," the ministry said in a statement.Foreign cryptocurrency exchanges will also have to obtain a license in Russia, among other proposals.
The draft legislation also foresees introducing literacy tests for those wishing to invest in digital currencies.
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