Russia puts under control the crypto

[Kikir leutik]

Do you think other countries can put in the same way?


The draft law "On Digital Financial Assets" passed the first stage of consideration in the Russian parliament and was approved by the government.

This law forms a system of strict control over financial transactions with the crypt.

The most important points:

1. Only wallets on government approved exchanges (legal wallets) will be legal.

Create legal wallet will be possible only after identification by ID (passport) of the citizen.

Transactions on all other wallets will be illegal and will be prosecuted police.

2. All transactions will be taxed.

3. Each transaction worth more than 600,000 rubles (about $ 10,000) will be under special control Central Bank.

4. Mining will require a license. Private mining will be considered illegal and persecuted.

Although there is no name of the people of Malta who entered the list of owners of the richest crypto money, but the smallest country in the EU will serve as the center of crypto currency in the world.

Reported by  Bloomberg , unlike other countries that do not have clarity about the regulation of crypto currency, Malta will make their law friendly to the owner of crypto currency.

Joseph Muscat, Prime Minister of Malta, is optimistic about the plan. He also called crypto money as the money of the future, as well as believe in the creation of significant economic activity in Malta.

Bloomberg  noted that so far, Asian countries still dominate the business of crypto currency, call it Japan, South Korea, and Hong Kong.

However, although the crypto money business in Asia is somewhat exciting, but the government has not fully synergized with the business.

The Chinese government has banned Bitcoin and crypto currencies, South Korea also has no clarity about the crypto currency that makes investors wary.

Japan who was asked as a friendly country on crypto money instead stumble problems due to unscrupulous individuals who commit fraud with crypto money.

Uncertainty of regulation in Asian countries will attract investors to Malta, and shift the dominance of crypto money centers from Asian countries to western countries.

[TomWilson32959]

This is fine with me, getting regulated also protects us. But does it make blockchain no longer decentralized?

[KingScorpio]

Do you think other countries can put in the same way?


The draft law "On Digital Financial Assets" passed the first stage of consideration in the Russian parliament and was approved by the government.

This law forms a system of strict control over financial transactions with the crypt.

The most important points:

1. Only wallets on government approved exchanges (legal wallets) will be legal.

Create legal wallet will be possible only after identification by ID (passport) of the citizen.

Transactions on all other wallets will be illegal and will be prosecuted police.

2. All transactions will be taxed.

3. Each transaction worth more than 600,000 rubles (about $ 10,000) will be under special control Central Bank.

4. Mining will require a license. Private mining will be considered illegal and persecuted.

its not russia that puts crypto under controll its a bankster cartel that thinks it is a country

[puzzling_rvat]

Any business in Russia has strong resistance from government and police if you have no "kind friends" there. It seems like Soviet Union, where people were not able to do something without permission from KGB. It's really scared making life in Russia more and more complicated.

The time for crypto world and the Internet as a whole, so sad..

[bongnor531]

I think Russia's stance on crypto has two main factors that are totally opposed to each other.

1. Cryptocurrencies and blockchain as the instrument of strengthen Russia's international role by becoming one of the leading forces in blockchain revolution. Many like to see Russia as a great power in the international political and economic processes, but it's not unconditionally true. Russia has an undiversified economy, revenues based mainly on oil and natural gas; the country has to face international sanctions; and although it has a relative strong and modern military force and intelligence service, its power in the global politics and economy is much lower than the US or China.

Given the fact that blockchain and blockchain-based solutions are the most powerful factor of future economy that will disrupt/change nearly every industry, it can be reasonable for Russia to lead this 'revolution'. But here comes the other factor that Russia's government doesn't like...


2. More unregulated cryptos are and more cryptocurrency are circulating, the more money and power won't be visible and controllable for Russian government. No need to explain why it is so problematic for Russia..

What do you think about this duality?

[Barrett Edwards]

How do you control money in Myether wallet which doesnt requires an identity as of now ? How ill government come to know who holds how much in My Ether wallet ?

[nnevergiveupp]

this is just horrible!! stop it! the whole idea of cryptocurrency is gonna be violated.

[CoinOnTheBeach]

I think no government will willingly let go of any possibility of taxation.
Given the choice between regulated and taxed or completely disallowed what would you prefer?