Can You Go to Jail for Trading Bitcoin? Russia is Still Deciding
On Jan. 26, the center for innovations and technologies Digital October in Moscow hosted a conference dedicated to the Regulation of Cryptocurrencies in Russia. The event welcomed more than 250 participants - founders of Fintech startup companies, businesses interested in the integration of Blockchain technology into their operations, members of the Blockchain community and state authorities who are keeping their eyes on the trends in the development of this still bizarre phenomena. Confusing statements. Within the last few years, the problems surrounding the regulation of cryptocurrencies....
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Russia and Bitcoin will never go hand-in-hand, by the look of things. In fact, it looks like a proposal is on the table to make the trading of Bitcoin punishable by law in the country, which could lead to a four-year prison sentence. Russia’s Ministry of Finance is cracking down on cryptocurrencies in general, and this new proposal could just be the beginning of things to come. While most countries and states around the world are trying to define a regulatory framework for Bitcoin, the Russian Ministry of Finance is not sitting by idly. If government officials have their way, any Bitcoin....
To make matters in Russia even stranger, the Russian Central Bank will continue its research into blockchain technology for now. The institution has set up a dedicated taskforce to see how this technology can be used to benefit the Central Bank of Russia. However, there are no plans to start issuing digital currency, as that would still be prohibited by law. Russia seems to be making a fair amount of media headlines again, as their regulation of digital currency has just taken a turn for the worse. A new proposal – drafted by the Russian Ministry of Finance – seeks to penalize Bitcoin....
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....
Earlier this month, Russia's Deputy Finance Minister Alexei Moiseev made a statement reminding that financial policy might be used to ban bitcoin and cryptocurrency trading. A bill has already been drafted late last year in order to prevent the issuance of bitcoin and to ban operations among bitcoin startups. According to the draft of the Russian government regulation issued in August, those who break the BTC ban are likely to end up in jail. The proposal also indicated that the only official currency in Russia is the ruble and that the introduction of other monetary units is forbidden.....
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....