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Bill Imposing Fines for Illegal Issuance and Exchange of Digital Assets Proposed in Russia
24.6.2022
A bill introducing financial penalties for those who illegally issue or exchange digital financial assets has been filed in the Russian parliament. The legislation has been submitted by the sponsor of another draft law banning their use as a means of payment. New Bill Targets Russian Platforms...
Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments
2.6.2022
The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in...
Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says
18.5.2022
The first digital financial assets based on Russian blockchains may be issued as early as this year, a high-ranking parliamentarian announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house...
Financial Market Committee Chair Aksakov Joins Calls for Identification of Russian Crypto Owners
19.1.2022
Anatoly Aksakov, head of the Financial Market Committee at the Russian parliament, has reiterated a warning for cryptocurrency investors and insisted that Russians owning coins should declare their digital assets. The parliamentarian also urged for the comprehensive regulation of crypto mining...
Russians Have Invested Over $67 Billion in Cryptocurrency, Lawmaker Reveals
21.12.2021
Interest in cryptocurrencies has been growing in Russia, not least among non-qualified investors. According to recently quoted estimates, Russians have already put more than $67 billion into the crypto market, the capitalization of which has increased significantly this year. Russians Spent Some...
Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade
17.12.2021
Authorities in Russia are discussing two very different approaches to the regulation of cryptocurrencies and related activities. While the Bank of Russia is reportedly seeking to introduce a ban on buying crypto assets, lawmakers are moving forward with efforts to adopt rules for mining, exchange...
Illegal Crypto Miners Threatened With Jail Time in Russia
17.12.2021
Cryptocurrency miners that are illegally connecting their equipment to the power grid should go to prison, says a Russian lawmaker who recently announced that his nationalist party is working on draft legislation to regulate the crypto activity. The industry cannot rely on support from the state...
Russian Parliament Sets Up Working Group on Cryptocurrency Regulations
26.11.2021
A working group on cryptocurrencies and related activities will soon begin to meet at the State Duma, the lower house of Russian parliament. Its members are expected to take on the task of clarifying various regulatory aspects related to digital financial assets such as the legalization of mining...
Russian Officials Back Idea of Recognizing Crypto Miners as Entrepreneurs
10.11.2021
Cryptocurrency mining should be recognized as an entrepreneurial activity under Russian law and taxed accordingly, representatives of key ministries in Moscow and the parliament have indicated. Officials believe the regulatory move would benefit both the state and the crypto industry. Russian...
Russia to Change 13 Laws and Codes for Digital Ruble
8.11.2021
Authorities in Russia are gearing up to amend various pieces of legislation to facilitate the issuing and function of the digital ruble. Officials in Moscow believe this version of the national fiat needs to be regulated separately from other digital forms of money such as cryptocurrencies. Russia...
Russian Parliament to Consider Restrictions for Non-Qualified Crypto Investors
8.10.2021
Cryptocurrency can be quite complicated for some and lawmakers in Russia think they need to contemplate restrictions for private investors. According to a high-ranking representative of the legislature, the Russian parliament needs to provide them with “maximum protection” against...
Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says
12.9.2021
Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement. Amendments Likely to Affect...
New Russian Law Bans Bitcoin Payments for Goods and Services
24.7.2020
Russian lawmakers have passed a bill that gives legal status to cryptocurrencies such as bitcoin – but bans them from being used to pay for goods and services. Legislators approved the Digital Financial Assets (DFA) bill on July 22 after its third and final reading. It had already won backing...
Russia Shelves Plans to Criminalize Bitcoin Transactions – For Now
21.7.2020
Russia has dropped plans to criminalize bitcoin transactions – for now, according to local media reports. The Digital Financial Assets Bill (DFA), due to be read for the second time in the Russian parliament – or State Duma – on July 21, has removed references to administrative...