Russia does ‘absolutely nothing’ to regulate crypto, RACIB head says
The recent law "On Digital Financial Assets" has not gone far enough in the eyes of Russian crypto industry advocates. Despite Russia adopting its first cryptocurrency law in January 2021, the country’s cryptocurrency market is still largely unregulated and is associated with a lot of uncertainty, according to a local industry advocate.Yury Pripachkin, head of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB), argued that the existing Russian crypto regulations are nothing more than “half-measures” that have nothing to do with systematic....
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Russian crypto advocates are already collaborating with a consortium including some of China’s largest crypto mining-related companies. A major cryptocurrency and blockchain association in Russia is launching a project to bring global crypto mining operations to the country amid a Chinese crypto mining crackdown.The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain, or RACIB, announced an initiative aimed at transferring global computing resources for crypto mining to the Russian Federation. More information on the project is expected to be released at a later....
Authorities in Russia are preparing a number of changes to existing laws in order to adopt rules for the country’s market for non-fungible tokens, or NFTs. A working group has discussed the matter and proposed solutions to legally define and regulate transactions with the digital collectibles. Economy Ministry Takes Initiative to Regulate NFTs in Russia The Ministry of Economic Development in Moscow is planning to put forward several amendments to the Civil Code and the law “On Digital Financial Assets,” to regulate the NFT market in the Russian Federation. The news....
While a new digital currency proposed by payments services company Qiwi, dubbed the BitRuble, has led to harsh criticism from a top Russian official, the head of the country’s largest bank Sberbank has admitted to owning bitcoin. Just because Russia has quasi-banned Bitcoin for use by the proletariat doesn’t mean the Russian elite don’t horde see the value in ownership. Earlier today, Sberbank CEO German Gref proclaimed himself a bitcoin owner at Finnopolis 2015, a finch conference held in Kazan this week. "It's absolutely illegal, such technical hooliganism absolutely inappropriate. The....
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 the near future, Anatoly Aksakov revealed in an interview, despite Bank of Russia’s decision to drop its opposition to crypto payments, at least when they facilitate Russia’s foreign trade amid sanctions. Adoption of Russian Law on Cryptocurrencies Delayed by Ongoing Debate Over Rules....
The main organization representing participants in the Russian crypto space has lambasted authorities in Moscow for not doing enough to regulate the industry. The criticism comes four years after President Putin directed institutions to legally define the status of digital financial technologies. Regulators Accused of Failure to Take Russian Crypto Market Out of Shadow Russian regulatory bodies have been criticized for their actions regarding the cryptocurrency industry in the country. According to Yuri Pripachkin, head of the Russian Association of Cryptoeconomics, Artificial....