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Russia Prepares To Create Government-Controlled Crypto Exchange

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Russia Prepares To Create Government-Controlled Crypto Exchange

Lawmakers in Russia are drafting legislation that would allow the establishment of a “national cryptocurrency exchange,” local media unveiled. Coins now circulate outside of government oversight and the Russian state is losing budget revenues in the billions of rubles, pointed out one of the participants in these efforts.

Legislators Want Russia to Have Its Own Cryptocurrency Exchange

Members of the State Duma, the lower house of Russia’s parliament, are working on a legal framework that will enable the authorities in Moscow to set up a Russian crypto exchange. The deputies have discussed the initiative with representatives of the industry in mid-November, the leading Russian business daily Vedomosti reported, citing two informed sources.

The lawmakers plan to prepare a draft taking into account the opinions of the market participants and then submit it to the government and the Central Bank of Russia, the publication revealed. Representatives of the monetary authority and the Ministry of Finance were not present at the meeting, the sources noted.

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The plan is to introduce the necessary amendments to the country’s law “On Digital Financial Assets,” which went into force in January of 2021. It’s still the main piece of legislation regulating the country’s crypto space, although only partially.

Other changes proposed last week aim to legalize mining, while banning the circulation, exchange, and non-targeted advertising of cryptocurrencies in Russia, with the exception special “experimental legal regimes” allowing their use in payments for imports.

The news that work is already underway to create the legal basis for a Russian crypto exchange was confirmed to Vedomosti by Sergey Altukhov, member of the parliamentary Economic Policy Committee from the ruling United Russia party. Commenting on the matter, the lawmaker insisted:

It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate largely outside of government regulation.

According to Altukhov, it all comes down to billions of rubles in lost budget revenue from taxes that the Russian Federation could collect. He emphasized that it’s necessary to create the conditions for the legalization of cryptocurrencies and adjust the “rules of the game” so that they don’t contradict the positions of the executive power and the central bank.

One of the sources also remarked that the future exchange is not viewed as a platform that will be facilitating the spread of cryptocurrencies or their use as a means of payment in Russia, but rather as place where Russians will be able to declare and convert their digital holdings into fiat. In his opinion, at least one such website should be set up under Russian jurisdiction to prevent potential foreign restrictions and security risks stemming from storing data abroad.

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Do you think Russia will be able to establish its own cryptocurrency exchange? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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New Council At Ukraine’s Securities Watchdog To Draft Crypto Taxation Regulations

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New Council At Ukraine’s Securities Watchdog To Draft Crypto Taxation Regulations

A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation.

Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine

The National Securities and Stock Market Commission of Ukraine (NSSMC) has set up an advisory council that will be entrusted with the further development of the regulations for the digital asset market in the Eastern European nation.

The new board’s first task will be to prepare amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement published before the weekend.

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The changes are necessary in order to enforce Ukraine’s law “On Virtual Assets,” which was adopted in September 2021 and signed after revisions by President Volodymyr Zelenskyy in March, this year. The council will draft the respective amendments to the VA law, too. According to the NSSMC, the law will be finalized taking into account the provisions of the European Markets in Crypto Assets (MiCA) framework, the crypto news outlet Forklog noted in a report.

The board, expected to “provide quality expertise and professional evaluation,” will also coordinate efforts of government institutions in finding solutions for other issues pertaining to the regulation of activities in the crypto market.

The body will comprise representatives of relevant regulatory bodies, leading market experts and other interested participants. “The opinion of all parties to the process is important and interesting for the Commission, so it is ready for an open and constructive dialogue,” the statement emphasized.

Amid an ongoing war with Russia, Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts. Before the conflict started in late February, the country had already established itself as a regional leader in terms of crypto adoption.

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Do you expect Ukraine to quickly regulate the taxation of crypto transactions amid ongoing hostilities with Russia? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Amendments To Russia’s Digital Asset Law Aim To Allow Mining, Ban Crypto Exchange And Ads

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Amendments To Russia’s Digital Asset Law Aim To Allow Mining, Ban Crypto Exchange And Ads

Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services.

New Attempt to Legalize Cryptocurrency Mining in Russia

After months of deliberations, efforts continue in Moscow to establish a more comprehensive regulatory framework for cryptocurrencies. The latest initiative in that direction comes from a group of high-profile deputies from the lower house of parliament, the State Duma, including the head of the Financial Market Committee, Anatoly Aksakov.

The lawmakers have filed a bill amending the law “On Digital Financial Assets,” in force since January of 2021. The draft is meant to regulate the extraction of cryptocurrencies as well as the taxation of the generated income. It permits the sale of the minted coins “without using Russian information infrastructure” or through authorized entities operating “within experimental legal regimes.”

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The document introduces a detailed definition of crypto mining which makes reference to the use of computing equipment and distributed ledger technology. It also describes mining pools and obliges miners to share information with the state in accordance with the tax legislation of the Russian Federation.

Under the proposed provisions, crypto mining activities will be overseen by a special government-appointed body. The executive power will also determine the requirements for legal entities or individual entrepreneurs that want to get involved in the industry in coordination with the Central Bank of Russia.

Bill Sponsors Seek to Prevent Wide Offering of Crypto Services

If adopted, the new legislation will prohibit the advertising or other forms of promoting crypto assets to unlimited audience. The ban refers to wide, non-targeted advertising of products and services linked to the issuance and circulation of cryptocurrencies like bitcoin, with the exception of mining.

According to the Russian crypto news outlet Bits.media, this means that any commercial crypto activities, like those of exchanges, for example, would be outside the law, while peer-to-peer exchange should be allowed.

Forklog noted in a report that previously introduced restrictions concern only the dissemination of information on the offering and acceptance of digital currencies as a means of payment. Another mining bill submitted to the Duma in late October permits their use in cross-border payments amid sanctions.

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The latest piece of legislation is expected to be adopted in December and enter into force on Jan. 1, 2023, Anatoly Aksakov announced. Earlier in November, he revealed that Russian authorities plan to “allow the mining of any cryptocurrency.”

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Do you think Russia will legalize crypto mining in the coming weeks? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Vladimir Zhupanenko / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Georgia To Update Crypto Regulations To Incorporate EU Rules, Legalize Industry

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Georgia To Update Crypto Regulations To Incorporate EU Rules, Legalize Industry

The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions.

Parliament of Georgia to Vote on Crypto Legislation in Coming Months

A legislative package expanding the regulatory framework for companies dealing with crypto assets has been submitted to the parliament by the government in Tbilisi. Its adoption is planned for the fall session of the legislature, Minister of Economy and Sustainable Development Levan Davitashvili announced. Quoted by the Business Media news outlet, he elaborated:

We expect that in the fall, Georgia will have updated legislation that will significantly develop the financial sector.

According to Levan Davitashvili’s statement, the draft legislation prepared by the Georgian government has been tailored to achieve convergence with three important directives of the European Union — the Payment Services Directive (PSD 2), Capital Requirements Directive (CRD), and the Virtual Asset Service Providers Directive (VASPs).

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This transposition of the VASPs directive, which envisages granting legal status to entities involved in virtual assets trading and defining their obligations and rights, will be one of the most important steps towards the sustainable regulation of the Georgian crypto industry, the report notes. It is “particularly important for the formation of a legal environment for crypto services and crypto exchanges in Georgia,” Davitashvili emphasized.

Georgia Strives to Become a Crypto Hub

The Georgian economy minister considers the synchronization of the country’s financial legislation with the EU directives as a first move toward reaching the ultimate goal of turning Georgia into a crypto hub. That vision of that has been featured in the small nation’s development strategy for 2020-2025 period which was approved by the executive power two years ago.

Business Media also remarks that the new legal framework will make it easier for major players in the global crypto industry to establish presence in Georgia. Among them is the world’s leading digital asset exchange, Binance, which is considering to open a regional office in the country but is still awaiting for the introduction of a licensing regime.

The latest regulatory development comes after a meeting of Georgian Primer Minister Irakli Gharibashvili with other key participants in the crypto market, including representatives of the blockchain company Ripple and another large cryptocurrency exchange, FTX. Both companies signaled their interest in setting up offices in Georgia.

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Do you think Georgia has the potential to become a cryptocurrency hub? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Millenius

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