Russia moves to recognize crypto, eyes new laws

Russia moves to recognize crypto, eyes new laws
фото показано с : coinjournal.net

2022-2-9 18:39

The Russian government and the Bank of Russia look to have crypto regulated as currencies, local reports have suggested.

Russia is set to formally recognise cryptocurrencies as currencies, news reports out of the country suggest.

According to the reports, published on Wednesday morning, the move follows an agreement between the government and the central bank on how to regulate the $2 trillion industry going forward.

BREAKING: The Russian government and central bank have just reached an agreement on cryptocurrencies, according to Russia's Kommersant.

Both organizations will treat bitcoin and crypto assets as currencies.

— Pomp 🌪 (@APompliano) February 9, 2022

Local news outlet Kommersant reported that Russia was looking at unveiling new laws set to make it legal for people to use digital assets in the country’s financial system.

The move allows for cryptocurrency purchases although authorities expect every user to be registered and fully verified via locally regulated companies. This will also apply to foreign-based providers looking to offer crypto-related services in the country, which in this case means getting registered and establishing local offices.

New laws, including KYC checks

A draft law is expected by 18 February, the publication added, noting that cryptocurrencies will be designated as an “analogue of currencies” and not digital financial assets.

Crypto users will be expected to report all transactions exceeding 600,000 rubles, with penalties set if this isn’t adhered to. Other than that, it is suggested that the use of crypto for illegal transactions will be a felony.

To help bring these proposals into effect and ensure compliance, the government and the Bank of Russia want banks to be incorporated as intermediaries. They will be expected to link crypto users and digital asset exchanges, helping in identity checks and transaction tracking as well as holding users’ transaction details for five years.

No ban!

Russia has previously looked to ban cryptocurrencies, with authorities noting in earlier reports that cryptocurrencies were a potential threat to financial stability. The about-turn could therefore be a harbinger of even more positive regulatory frameworks that support the nascent industry. 

It also means that the country might have moved away from that outlook that saw the central bank call for a total ban on crypto trading and mining. 

Last month, former president Dmitry Medvedev suggested banning crypto in the country would likely lead to an opposite impact.

Recently, India moved to recognise cryptocurrencies after previous calls to ban them and imposed a 30% tax on crypto transfers. The US is also looking to regulate the crypto industry, with the immediate focus largely on stablecoins as highlighted in the President’s Working Group on crypto report.

The post Russia moves to recognize crypto, eyes new laws appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

russia crypto moves recognize laws eyes new

russia crypto → Результатов: 126


Bank of Russia Reportedly Looking at Legalizing Crypto Cross Border Payments

Following Global sanctions issued against Russia to cripple its economy over the country’s invasion of Ukraine, It seems Russia has had enough time to think of the consequences and is moving to bypass sanctions by legalizing crypto cross-border settlements for the foreseeable future The post Bank of Russia Reportedly Looking at Legalizing Crypto Cross Border Payments appeared first on BeInCrypto.

2022-9-6 20:16


Фото:

Russia Blocks 2 Crypto News Websites

Russian authorities have restricted access to a couple of cryptocurrency news outlets. The formal reasons for the censorship move are different in each case but the end result is the same. In both, regulators have acted on the basis of a law that empowers them to block online sources of information that have been banned […] The post Russia Blocks 2 Crypto News Websites appeared first on Bitcoin News.

2019-10-19 11:55


Фото:

Russia’s Interior Ministry Looking to Criminalize Unregistered Crypto Activity

Russia’s Ministry of Internal Affairs is considering establishing criminal liability for unregistered crypto operations. According to a report dated August 23, 2018, the head of Russia’s Main Directorate for Drug Trafficking, Andrey Khrapov, has asked the country’s legislators to require that all cryptocurrency transactions exceeding 600,000 rubles (around USD 9000) be registered with or monitored by Russian authorities.

2018-8-30 17:00


Фото:

Russia Continue To Explore Blockchain, This Time It’s Pensions

Russia, they are on the fence about cryptocurrencies, but when it comes to blockchain technology, authorities and services over there see blockchain as a favourable innovation. Latest reports from Russia suggest that the Russian State Pension Fund (PFR), a social service within Russia, are set to start working with blockchain technologies in order to make the most of smart contracts, to issue employment contracts between employers and new employees.

2018-8-30 08:00


Фото:

Russia’s Leningrad Region Unveils the Largest Crypto Mining Farm

The Leningrad region crypto mining facility is built at an investment cost of 500 million rubles (US $7. 3 million) and has more 3000 mining machines installed with an energy capacity over 20mW. Cryptouniverse Builds the Largest Mining Farm On Monday, August 20, the government of Russia’s Leningrad region inaugurated “the largest data processing center in Russia, designed to extract digital currency – Bitcoin,” reports local publication Chianing.

2018-8-24 04:00


Фото:

Russia: Bitcoin Owners and Miners Will Not Face ‘Separate’ Tax Laws

Russia will subject owners and miners of cryptocurrency to all existing tax obligations from Autumn, authorities hinted July 18. Aksakov: No ‘Separate’ Treatment For Crypto Speaking to local news outlet Izvestia, Anatoly Aksakov, head of the financial markets committee at Russia’s state Duma, said there were currently no plans to draw up “separate” tax frameworks solely for cryptocurrency.

2018-7-19 01:00