Russia prepares to legalize cryptocurrency market by July 2018

[k-west]

Great news!I believe Russia will become the very first country where crypto will be officially recognized and legalized by the presidend and  goverment and all cryptotraders and investors can feel free,safely and happy there

[virtualhero]

As revealed in a report by the Russian parliament’s official publication on March 1, Russian president Vladimir Putin has set a deadline on July 1 for relevant cryptocurrency legislation to be adopted in the country. Russian authorities are planning to pass new legislation that would effectively legalize cryptocurrency markets by summer 2018.

The report specifically points to two draft laws centered on blockchain technology that have been developed so far. Russia’s Ministry of Finance has put the spotlight on legal guidelines for the issuance of initial coin offerings (ICOs) while the country’s central bank has prepared a separate draft law on crowdfunding.

Two authorities have agreed upon the main regulatory moves on cryptocurrencies, save for one major contradiction when it comes to cryptocurrency exchanges operating in the country. In essence, the central bank isn’t keen on retail traders and investors participating in cryptocurrency trading.

A separate bill on digital assets – to be submitted to the Russian Parliament this month – will aim to establish governance rules surrounding cryptocurrency mining. Individual entrepreneurs will be allowed to enter mining pools established by legally recognized entities and “conduct activities to extract cryptocurrencies that do not fall under the criteria of industrial mining,” said Alexei Mostovshchikov, chair of the Expert Council of the Youth Parliament under the Russian Duma.

Aksakov further stressed that both bills, from the central bank and the finance ministry, will be submitted to the chamber this month.


NilecoinTeam.

If this is true, it is a big boost for  the market to regain again. I think the bull will starts to kicks in the moment it is implemented. Its been a months since I saw the green market, hoping I will see it in this coming month.

[KryptoVlad]

The government of the Russian Federation is trying to take control of the cryptocurrency market. In this can be positive and negative sides. We will see it when the law is passed and it comes into force. It is too early to draw conclusions.

[slonbegemot]

It was expected and necessary. There are a lot of crypto under control in the market right now. I just want the rules which will allow people like me to be involved in crypto market

[Prosperityforall]

The only reason they want to legalize cryptocurrency is that miners,traders and others will be obligated to pay taxes. But I don't want to pay some extras and disclose my income. anyway it is a good step forward,but let's see what will happen next

[eaLiTy]

The only reason they want to legalize cryptocurrency is that miners,traders and others will be obligated to pay taxes. But I don't want to pay some extras and disclose my income. anyway it is a good step forward,but let's see what will happen next

If you like it or not you will end up paying the tax eventually , when you convert the digital coins to fiat currency then you will be entitled to pay your taxes, you do not need to disclose the coins but i am sure there will be some sort of regulation around it too when everything is said and done and what governments are trying to do is to bring some transparency in the flow of money.

[Veter2000]

As revealed in a report by the Russian parliament’s official publication on March 1, Russian president Vladimir Putin has set a deadline on July 1 for relevant cryptocurrency legislation to be adopted in the country. Russian authorities are planning to pass new legislation that would effectively legalize cryptocurrency markets by summer 2018.

The report specifically points to two draft laws centered on blockchain technology that have been developed so far. Russia’s Ministry of Finance has put the spotlight on legal guidelines for the issuance of initial coin offerings (ICOs) while the country’s central bank has prepared a separate draft law on crowdfunding.

Two authorities have agreed upon the main regulatory moves on cryptocurrencies, save for one major contradiction when it comes to cryptocurrency exchanges operating in the country. In essence, the central bank isn’t keen on retail traders and investors participating in cryptocurrency trading.

A separate bill on digital assets – to be submitted to the Russian Parliament this month – will aim to establish governance rules surrounding cryptocurrency mining. Individual entrepreneurs will be allowed to enter mining pools established by legally recognized entities and “conduct activities to extract cryptocurrencies that do not fall under the criteria of industrial mining,” said Alexei Mostovshchikov, chair of the Expert Council of the Youth Parliament under the Russian Duma.

Aksakov further stressed that both bills, from the central bank and the finance ministry, will be submitted to the chamber this month.


NilecoinTeam.

Cryptocurrencies will never be legalized in Russia under Vladimir Putin. Mining may be legalized for the purpose of additional taxation of miners.

[Conte_Forni]

If this happens, I think it's better for us than bad!

[Abarov]

I agree with the message that it is higher. Do kaki or vynovki early. It is good or bad to see from the law that they will accept.

[JcJet]

It's inetresting to see that such news recieve so much positive comments.
In Russia, the reaction to these regulation attemps are mostly negative, because everyone thinking that its being made to make money on miners or to restrict mining at all, because in soviet russia you don't mine crypto, crypto mines you. Can't say they're wrong, we'll see. I'm living in russia btw.

[jin_dv]

Hello everyone! I was very pleased with this news. Now Russia is on a new path and keeping pace with the times. I hope that this will happen, and then it will be great news for the world cryptocurrency. And most importantly, later, the price of bitcoin will rise again)))

[MashaVik]

All that is done for good is good. But I think the idea is good, but again too clever by half politicians and the law can turn to the bad side. But legalization is not bad.

[Rizwan Javed]

Well i think it's just a news as of now. The government of the Russia might be trying to take control of the cryptocurrency market. This can have positive and negative sides as well. We will see it when the law is passed and it comes into force. It is too early to draw conclusions now.

[kakawin]

Hello everyone! I was very pleased with this news. Now Russia is on a new path and keeping pace with the times. I hope that this will happen, and then it will be great news for the world cryptocurrency. And most importantly, later, the price of bitcoin will rise again)))

If such a large country takes a step toward the legalization of crypto currencies, then this will benefit the entire sphere of crypto currencies in the world. The main thing is that Russia does not spoil anything and created a law that would satisfy the demands of both the state and users of crypto currency.

[MissIndependent]

Great news for cryptocurrency. Timely for South Korea's decision to accept regulation cryptos. Let's hope prices will fly mid of this year.

[Erik Goff]

Awesome news, what from source it comes? Hope we can trust you.
I really want to see the fight between countries, who adopts crypto at first  .

[Biitcoin]

Cryptocurrency it is the new field of modern economy, so government regulation is the logical process of the development.

[hahahafr]

Awesome news, what from source it comes? Hope we can trust you.
I really want to see the fight between countries, who adopts crypto at first  .

Do not believe on it. Most of those news are fake, and they are just trying to speculate about what is really gonna happen with cryptos. Probably, 2 out of five news are not fake or manipulated ones.
In this kind of market, everyone does as much as they can in order to provide more liquidity.

[peleng]

Cryptocurrency it is the new field of modern economy, so government regulation is the logical process of the development.

Yes, it is very logical that the state wants to control the new sphere of the economy. I think that very big money will come to the crypto economy after the legalization, this money will raise the entire block chain to a new level.

[publicjud]

To be honest I think that russian government (as well as many others) has not decided what direction they want to move yet . I would not be surprised if the crypto will be restricted at the very end...