Leading exchanges, polled by the Russian press, have indicated they are not afraid of the upcoming strict crypto regulations. A requirement for coin trading platforms to establish a local office is one of the proposals in a regulatory roadmap drafted by the government in Moscow. Cryptocurrency Exchanges to Set Up Shop in Russian Federation Some…
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The central bank of Russia intends to ensure that the digital ruble is convertible to foreign currencies and can be used by non-residents. In a document devoted to the digitalization of the Russian financial sector, the regulator reiterates its concerns over the risks associated with cryptocurrencies and insists that state-issued digital currencies are safer.
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The Federation Council of the Russian legislature is forming a working group expected to propose comprehensive regulations for cryptocurrencies. Officials from several ministries and government agencies, as well as members of the country’s expanding crypto industry, will join the body. Federation Council to Prepare New Regulations for Cryptocurrencies in Russia The Federation Council, the upper…
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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 and the introduction of taxation. Working Group…
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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 Government to Collect Millions of Dollars in Taxes After Legalizing Crypto Mining While the…
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Russian institutions have responded to a call from а public movement for joint efforts to identify cryptocurrency transfers related to drug trade. The anti-drug organization, Stopnarkotik, recently asked the interior ministry and the central bank to investigate alleged connections between U.S.-sanctioned crypto exchange Suex and a darknet market operating in the region. Russian Authorities Respond…
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The Federal Security Service of the Russian Federation has issued a draft order allowing its agents to request information from cryptocurrency platforms among other organizations. The move follows changes made to the anti-corruption legislation in Russia, the agency noted. FSB Wants Access to Crypto Data for Anti-Corruption Checks in Russia Russia’s main law enforcement agency,…
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State-owned Russian energy giant Inter RAO is now discussing electricity supplies for Kazakhstan where crypto miners have allegedly caused a spike in consumption this year. The country is expecting the power deficit to reach 600 megawatts as demand during the winter increases even further. Kazakhstan Likely to Buy Electricity From Russian Federation to Deal With…
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Amid ongoing sanctions, the government of Russia has been working to limit the country’s dependence on the U.S. dollar. The Ministry of Foreign Affairs now says it’s possible to partially replace the greenback in currency reserves and trade settlements with other currencies and even digital assets in the future. Foreign Ministry Official Sees Russia Acquiring…
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Accusing the U.S. of undermining the dollar through money printing and sanctions policy, President Vladimir Putin has admitted that cryptocurrency can be utilized for settlements in the future, although it’s too early to do that in oil trade. While noting that it lacks backing, the Russian leader assumed crypto could be used to store value…
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