Russia: Using Bitcoin Is A Criminal Liability
In Russia a report from Forklog reveals the Ministry of Finance has created a new version of sanction for many of the uses of Bitcoin. The law applies to those who “manufacture, acquire for the purpose of selling, as well as their distribution may be punished”. Calling it a “turnover of money substitutes” the punishments are up to 300 thousand Rubles or....
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The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’
Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes
The Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of....
The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against the law to be held accountable. The financial regulator has proposed the introduction of legal liability for some operations with digital assets which it considers illegal.
Central Bank of Russia Aims to Prevent Circulation of Decentralized Currencies
Cryptocurrencies in the Russian Federation, as well as related activities, remain only partially regulated, mainly through the law “On Digital Financial Assets,” which went into force at the beginning of this year. One....
Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well.
Criminal Cases Involving Cryptocurrency in Russia Near 1,000 in 2021
Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted....
The Association of Banks of Russia has previously collaborated with Binance as part of its expert center focused on crypto regulation. A major Russian banking association wants to criminalize keeping your own cryptocurrency keys.The Association of Banks of Russia, an organization including more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto outside of centralized exchanges on noncustodial wallets, local news agency Izvestia reported on Monday.In contrast to accounts at centralized crypto exchanges, noncustodial or self-custodial....
Russia’s Investigative Committee Chairman Alexander Bastrykin has, once again, opined that virtual and cryptocurrencies like Bitcoin are money substitutes or surrogates that need to be outlawed. He also claimed that virtual currencies are “often used” for the financing of terrorism. In a sweeping, wide-ranging column on Russian publication Kommersant, Alexander Bastykin – chairman of the Investigative Committee of Russia and General of Justice of the Russian Federation wrote about extremism in Russia and the ways to curb it. He speaks of a “hybrid war”, one “unleashed” by the United States....