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BTC-e’s Alexander Vinnik Applies for Release on Bail Citing Trial Delay
21.12.2022
The alleged operator of crypto exchange BTC-e, Alexander Vinnik, has asked to be released on bail due to the delay in court proceedings. In early August, the Russian IT specialist was extradited to the United States to face charges of money laundering through the now-defunct coin trading platform....
Bank of Russia to Test International Crypto Payments With Companies
21.12.2022
The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto...
Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say
19.12.2022
Russian authorities are finding it hard to cash out digital assets they have gotten hold of, prosecutors have warned. They have also urged the government to recognize cryptocurrency as property, allow departments to have digital wallets and use crypto exchanges. Prosecutor’s Office Insists Russian...
Only for foreign trade: Bank of Russia stands against free crypto investment
16.12.2022
The Russian government doesn’t want to enable Bitcoin for regular Russian people but exclusively for foreign trade entities
Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions
16.12.2022
The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations. Russia’s Central...
Russian Energy Companies Crack Down on Domestic Crypto Miners
15.12.2022
Russian energy providers are hunting illegal crypto miners who plying their trade from home, the government has said.
Per Izvestia, the Deputy Energy Minister Pavel Snikkars stated that some “home”-based miners have successfully changed the load profile of their electrical connections – allowing...
Russian Social Media Giant Vkontakte Launches NFT Service
15.12.2022
Russia’s largest social network, Vkontakte, has launched a feature allowing users to upload digital collectibles to the platform. Account holders will also be able to buy and sell them in the future as the company intends to establish a marketplace for non-fungible tokens. Vkontakte Users...
Russia Cracking Down on Crypto Miners Minting in Residential Areas
14.12.2022
Russian authorities are now prosecuting miners extracting cryptocurrency using subsidized electricity for the population, according to a top official from the energy ministry. Power utilities are detecting their increased consumption and trying to make them pay at commercial rates. Amateur Crypto...
Another Member of Russian Crypto Pyramid Finiko Arrested in UAE
11.12.2022
Law enforcement authorities in the United Arab Emirates have detained a top Finiko representative, sought for his role in the crypto Ponzi scheme which defrauded thousands of investors around the world. This is the second arrest in the Gulf state of a high-ranking member of the pyramid announced...
Full Ban on Crypto in Russia Would Be Counterproductive, Rosfinmonitoring Says
11.12.2022
Russian citizens and businesses already own cryptocurrencies, which is why a complete crypto ban would be counterproductive, according to a top executive of Rosfinmonitoring, Russia’s financial intelligence agency. At the same time, the regulator supports prohibiting payments with digital coins...
Bank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported
10.12.2022
The monetary authority in Moscow has expressed support for the latest legislative attempt to legalize cryptocurrency mining. However, the regulator wants the extracted digital currency to be sold outside the country or only under special legal regimes in Russia, as an exception. Russia’s Central...
Russia’s Interior Ministry Employs Tool to Identify Crypto Wallet Owners, Track Transactions
10.12.2022
The Russian Ministry of Internal Affairs is now using a digital tool allowing officers to link cryptocurrency wallets to their owners. The software also has a feature facilitating the monitoring of crypto asset transactions, the department told Russian media. Russian Police Brag About New Crypto...
Russia Expects Sizable Increase in Crypto Miners’ Share of Power Usage
8.12.2022
The crypto mining industry may see a two-fold increase in its share of Russia’s power consumption in 2022, according to a high-ranking official from the Ministry of Energy. The department supports a bill designed to regulate the sector which is likely to be adopted this year. Russian Energy...
Proactive sanctions can help spare the ecosystem: Chainalysis exec
7.12.2022
Andrew Fierman highlighted the nuances of sanctions depending on who is involved, what is at stake and where they’re coming from
Remittances to Low and Middle Income Countries in 2022 Up by 5% to $626 Billion — Latest World Bank Report
7.12.2022
Despite the headwinds that have dominated the year, remittances to low and middle-income countries in 2022 still grew by 5% to $626 billion, the World Bank Migration and Development Brief has said. Africa, where the cost of sending $200 averaged 7.8% in 2022, is the “most severely exposed...
Bank of Russia wants to ban miners from selling crypto to Russians
7.12.2022
The Russian central bank supports the idea of legalizing the crypto mining business, but only if miners sell their coins to non-residents of Russia
Russia on the Verge of Legalizing Crypto Mining
6.12.2022
Russian lawmakers are inching closer to legalizing crypto mining – and could begin allowing industrial miners to operate as bona fide “entrepreneurs” as early as next month.
Anatoly Aksakov, the head of the State Duma’s Committee on the Financial Markets, last month claimed that a bill would...
Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan
5.12.2022
A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the issuance of tokens secured by commercial debt....
Failed FTX Rescue Attempt Revealed, Putin Calls for Digital Currency Settlements — Week in Review
4.12.2022
Shark Tank star Kevin O’Leary has revealed his and Sam Bankman-Fried’s failed attempt to raise $8 billion to rescue the now collapsed crypto exchange FTX. In other news, Russian president Vladimir Putin has called for international settlements based on digital currencies. All this...
Demand for Cryptocurrency Miners Rises in Russia Amid Low Prices of Hardware
4.12.2022
Russia’s market for specialized crypto mining equipment has been seeing high demand over the past couple of months, with buyers attracted by the low price tags. Russian experts also predict an increase in the supply of used coin minting hardware as large foreign companies leave the industry....