Bank of Russia Pushes to Introduce Liability for Illegal Use of Digital Assets
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....
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The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation. Bank of Russia Talks Regulation in New Report Devoted to Digital Assets Market Russia’s monetary authority has published a report on the future of the Russian digital asset sector. The document explores the development of the market for digital financial assets (DFAs) and utility digital rights (UDRs), and legal....
The State Duma of Russia, the lower house of parliament, has passed a law permitting law enforcement authorities to seek confiscation of illegally obtained funds from government officials, including cryptocurrency. The state may attempt to seize the assets through court if they exceed the officials’ income.
New Law Allows Russia to Prosecute Officials With Illegal Crypto Holdings
Government officials who possess financial assets — including digital coins — exceeding their declared income from the last three years risk losing them to the state, according to a....
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 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....
The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses. Along with illegal forex dealers and financial pyramids, the regulator has also listed crypto exchangers as suspicious entities. New AML Recommendations by Bank of Russia Target Cryptocurrency Exchangers Russia’s central bank has issued a set of criteria that banks can use to identify cards and e-wallets used by companies operating in the shadow economy, Forklog reported. According to the monetary authority, these include not only illegal forex....