Bitcoin News and Finance
Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests Skip to main content

Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests

Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests

A new Russian law may oblige potential crypto investors to take a test before being allowed to purchase digital assets over a certain limit. The authors are also hoping to regulate cryptocurrency mining and cut access to cheap energy for those who mint coins in their homes.

Bill to Bring ‘Tight Regulation’ to Crypto Industry, Strict Requirements for Investors

Russian lawmakers are working on a law to fill regulatory gaps in the crypto space. The legislation may introduce special exams for non-qualified investors who want to buy cryptocurrencies with a total annual value exceeding 600,000 rubles ($7,700). One of its sponsors, the Deputy Chair of the parliamentary Security and Anti-Corruption Committee Andrey Lugovoy, told the daily Izvestia that the new law is about “tight regulation” of the sector.

The bill is expected to hit the floor of the State Duma during the spring session of the lower house of parliament, the deputy noted. Before that, it will be discussed with relevant ministries, law enforcement agencies, and market players. Any amendments will be approved by a working group comprising members of the Duma and representatives of government institutions, including the Central Bank of Russia.

The monetary authority has been at loggerheads with other regulators over its hardline stance on cryptocurrencies. In a recently published consultation paper, the Bank of Russia proposed a wide-ranging ban on crypto-related activities such as issuing, trading, and mining which has failed to gain support from the executive and legislative powers in Moscow.

New Law to Regulate Crypto Mining and Exchange

Andrey Lugovoy also revealed that the upcoming law will attempt to regulate cryptocurrency mining which has been expanding in Russia, especially after the crackdown on the industry in China. Besides companies, ordinary people in energy-rich regions have found an additional income source, taking advantage of subsidized electricity with crypto farms running in basements and garages.

Electricity tariffs for these miners should be the same as those for businesses, the lawmaker told the publication, insisting that “garage mining” with cheap household power should be stopped. In late December, the federal government took a step in that direction by allowing regional authorities to raise electricity rates for residential areas when consumption exceeds a certain threshold.

The authors of the bill plan to clearly define which entities will be permitted to work with cryptocurrencies. These will include authorized banks, provided they obtain a special license, crypto exchanges, and other digital money exchangers. Foreign-based crypto trading platforms that want to operate in the Russian Federation will be subject to a “special” registration regime, Lugovoy remarked without elaborating further.

What do you think about the crypto regulations discussed in the Russian parliament? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory