The document proposes amendments to the existing Law "On Virtual Assets" to define a single authority that will carry out control and monitoring in the field of cryptocurrencies.
The Ministry of Economy plans to empower the State Financial Supervision Agency with the authority of the designated body responsible for oversight and control of virtual assets.
Its jurisdiction will cover aspects such as mining, issuance, initial placement of virtual assets, including stablecoins and asset-backed tokens, as well as the activities of virtual asset service providers.
A risk-oriented model will be implemented for oversight, under which companies will be classified into groups based on their risk level: high, medium, and low. This will depend on the volume of their operations, the number of clients, cross-border activity, and previous violations.
The State Financial Supervision Agency will have the authority to conduct both scheduled and unscheduled inspections, utilize blockchain analytics, request data on beneficial owners, sources of capital, and ownership structure.
In case of violations, the regulator will be able to restrict operations, demand the delisting of tokens, initiate the suspension or revocation of licenses, as well as transfer materials to law enforcement agencies and publish information about the measures taken.
Licensing control will include requirements for the size of authorized capital, the placement of servers in the country, as well as cybersecurity, internal control, and risk management systems.
