Moscow, after months of deliberations, has come to the conclusion that a more comprehensive regulatory framework should be established for cryptocurrencies, and the latest posts in that direction come from high-profile representatives of the Duma, the lower house of parliament, which includes the Financial Markets Committee. Anatoly Aksakov, the head of the
Lawmakers have passed a bill to amend a law to come into effect from January 2021 that aims to regulate and control cryptocurrencies as well as generate taxation. It issues regulatory proposals and permits the sale of coins through entities operating without or within the experimental legal system using the Russian information infrastructure.
The document offers a comprehensive definition of crypto mining through the use of computing equipment and laser technology to form a mining bridge and allows information sharing with the state government in accordance with the tax legislation of the Russian Federation. If we talk about the proposals, a special body appointed by the government will oversee crypto mining activities and the executive power will also set requirements for law entities that are proposed to be involved in the industry along with the Central Bank of Russia.
If adopted, the new law would likely prohibit advertising and other forms of promoting crypto to an unlimited audience, and ban mining, the issuance, use of cryptocurrencies such as bitcoin, and widespread non-targeted advertising of products and services related to it. will refer to According to Russian crypto news media, this means that peer-to-peer exchanges will be allowed and adopted if any commercial activity, such as an exchange, would be outside the legal process for example.
Forklog reports that a previously introduced law only contained the offer and acceptance of digital currencies as a means of payment and that he worries about the dissemination of this information. While a mining bill presented by Zuma in late October provides for limits on sanctions and allowing payments to be made beyond that limit. The latest law is expected to be adopted in December and fully implemented from January 1, 2023, according to the new announcement, and earlier in November it was revealed that Russian authorities are planning to allow any cryptomining. Is.
So we can say that the Russian lawmakers referred to and proposed the above changes to the existing law titled “On Digital Financial Assets” to regulate crypto mining and ban cryptocurrency operations in the country. Has been or has been passed and the services and non-targeted advertisements are also being banned as per the law on crypto related services and products.
