#crypto regulation

The government and central bank of Russia are now working on a draft law that will treat cryptocurrency as an “analogue of currencies” rather than digital financial assets. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries. Bitcoin transactions and possession of cryptocurrency in the Russian Federation must be done through a digital currency exchange organizer (a bank) or a peer-to-peer exchange licensed in the country. Russia’s regulation will seek to integrate a mechanism for the circulation of digital currencies into the country’s financial system while ensuring control over credit institutions’ cash flows. Those who illegally accept cryptocurrencies as payment will incur fines. This is a development for Russia compared to January wherein the Bank of Russia called for a nationwide crypto ban and said that financial firms should not facilitate crypto transactions. Additional reports also emerged the President Vladimir Putin supports efforts to regulate the country’s crypto mining sector. Binance has just announced that it will be withdrawing its business and operations in Canada, weeks after the country introduced a series of new guidelines for crypto exchanges on investor limits and mandatory registrations. Read more in our articles including "Russian gov’t, central bank to regulate cryptocurrencies" and "Binance withdraws from Canada due to strict crypto regulations".