Authorities in Russia continue the game of ping pong in regulating cryptocurrencies like Bitcoin (BTC) even after passing the country’s first crypto law. Russia’s Ministry of Finance has reportedly proposed a set of amendments to the law “On Digital Financial Assets,” or DFA, which bans many operations with crypto. According to local news agency Izvestia, the proposed amendments envision a “blanket ban on any operations with virtual money for individuals and individual entrepreneurs” except for three scenarios. The ministry reportedly wants to ban all crypto transactions except the obtaining of assets through inheritance, bankruptcy and enforcement proceedings. The amendments reportedly …
Russia’s parliament, the State Duma, is considering imposing administrative responsibility for the mining of cryptocurrencies, local news outlet TASS reported on June 7. In an interview with TASS, Anatoly Aksakov, the chairman of the State Duma Committee on the Financial Market, said that the government may introduce administrative responsibility for digital currency mining by the end of June. Aksakov stated: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited. Administrative liability in the form of …
A branch of the Russian federal government has recently published a draft of new litigation called “On Digital Financial Assets,” which is focused on enforcing strict cryptocurrency laws in the country. The legislation has not been approved yet and has been in discussion since 2018. The new laws define Bitcoin as property but not legal tender, and propose, among many other things, that Bitcoin (BTC) miners register as individual companies so they can be appropriately taxed. President Putin is planning on developing and revealing a new tax for Bitcoin miners by July 1, but many are skeptical about the government’s …
Russia is the latest country to officially require its government officials to report their cryptocurrency holdings. President Vladimir Putin has signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021, local news agency TASS reported on Dec. 10. Officially released on Thursday, the decree stipulates new measures related to Russia’s federal crypto law “On Digital and Financial Assets,” or DFA. The form requires officials to disclose data like the name of the digital asset, the date of acquisition, the total amount of held assets, as well as information about the issuer of an asset like …
A new version of Russia’s major draft bill on cryptocurrency regulation does not include criminal offense codes as lawmakers are expected to hold the bill's second reading tomorrow. According to official records of the State Duma, Russia’s legislative body, the Duma’s Committee on Financial Market has proposed the second reading of the bill “On Digital Financial Assets,” or DFA, on Tuesday. In the Russian legislative system, each bill is subject to three readings as it passes the development from draft to adoption. While the second reading is designed to sum up amendments and proposals to the draft bill, the third …