Russia Might Adopt Crypto Regulations within two weeks

[Elena_Rodriguez]

On June 19, According to the local senior finance official reports of Russian government-backed news agency- TASS. Russia’s parliament, the State Duma, might adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in next two weeks.

Russia’s deputy finance minister, Alexei Moiseev, announced that the State Duma is currently considering the DFA. And it is expected to adopt the bill in the second reading within the next two weeks. He also claims that authority has approved separate legislation for ICO’s, which will be a part of Russia’s law on crowdfunding.

read complete news here : https://coinpedia.org/news/russia-might-adopt-crypto-regulations-within-two-weeks/

[jvdp]

Actually last year 2018 Russian prime minister putin shared the adoption over blockchain based business.
So this news is not a new one to discuss it further. Let's believe this time it will become truth. Due to this effect we can expect the bitcoins and altcoins to grow bigger when it has been accepted.

[BitHodler]

Due to this effect we can expect the bitcoins and altcoins to grow bigger when it has been accepted.

I doubt any Russian bill (positive or negative) will have an effect on crypto at all. If the market cared about Russia it would have reacted before they started going back and forth to end up not doing anything at all.

It really seems to me that Russia doesn't want to force through regulations in the quickest way, but prefers to exploit the grey areas to selectively attack anybody who's running a crypto related business or project.

[dothebeats]

Actually last year 2018 Russian prime minister putin shared the adoption over blockchain based business.
So this news is not a new one to discuss it further. Let's believe this time it will become truth. Due to this effect we can expect the bitcoins and altcoins to grow bigger when it has been accepted.

Nowadays though, crypto and the blockchain are two separate entities already so I doubt that there's that much similarity between the two events. Anyway, I doubt that this would have some large effect on the ecosystem though, but we can expect that there would be some Russian contenders on the block that will have their own services, exchanges etc. and they would not be afraid of prosecution finally. The scene is expanding, and it is realized through governments accepting legislation with a pretty fair compromise.

[squatter]

Ordinarily, I would ignore this news since Russia never follows through on these rumors. This time, Russian lawmakers revised the bill in response to an "order" from the FATF to clarify and expand the scope of the bill:

According to the report, the FATF has recently ordered Russian lawmakers to expand the terminology of the federal bill on the regulation of crypto assets, requiring that the country legislate major industry terms such as cryptocurrencies and bitcoin (BTC).

Governments seem to be taking these FATF guidelines extremely seriously. I wonder what services like Bitmex are going to do.

[veleten]

in my years reading bitcointalk and news in general
I learned two things: 1. bitcoin price is unpredictable  2. never trust any cryptorelated news coming from Russia or India
my IMHO - not going to happen , this is not something to just turn the switch on aka issue a bill and the things change
they need infrastructure and at least companies and funds to start moving towards regulating crypto
because once cryptocurrency is treated like assets , there must be a special agency dealing with crimes , special institutions providing official exchange services or banks   , investment funds  etc.
it exists only on paper , at least I heard no such development in Russia
in some unrelated news: there was a huge scandal a fw days ago when a St.Petersburg senator bribed his voters , publicly , with a token of his
he created some cryptocurrency and promised to airdrop it to the ones who would vote for him in the upcoming elections , according to the laws , cryptocurrencies are unregulated , so he , technically , committed no crime
article in russian: https://www.rbc.ru/crypto/news/5d0cc9559a7947b627a76a79

[Theb]

It's good that they are having progress with regards to regulation in their crypto industry but I'm more concerned if their bill has included anything about HYIP and Ponzi scams originating from their own country. It's not a secret that a lot of these fake investments are created by Russians and if they do really want to decrease the criminal activity related to cryptocurrency then that includes the elimination of scams to lessen the money stolen from people believing in these ponzis.

[Kemarit]

Again, this is Russia, they have been like this for the last two years or so. They said that they will create a framework for crypto but up to this day, we haven't seen anything concrete yet. And the thing is, they absolutely contradict themselves, so I just took everything with a grain of salt here.

And besides, I don't think that the current government will yield too much power to the people. So for me this is just a front coming from the government, because if they won't have do it, most likely in late 2017 or early 2018, that so called regulations should have take effect already.

[Sithara007]

Governments seem to be taking these FATF guidelines extremely seriously. I wonder what services like Bitmex are going to do.

Bitmex will be having two options. Either make KYC mandatory and share all the user information with FATF, or simply close down their operations. I am not sure which one they'll chose. This is going to affect a lot many of the exchanges, and the dex sites will be hit the most. Decentralized exchanges such as Etherdelta and Forkdelta will be forced to closed down, and the users may move to regulated exchanges or dark markets.

[timerland]

Russia’s deputy finance minister, Alexei Moiseev, announced that the State Duma is currently considering the DFA. And it is expected to adopt the bill in the second reading within the next two weeks. He also claims that authority has approved separate legislation for ICO’s, which will be a part of Russia’s law on crowdfunding.

I highly doubt that this is going to be any form of positive regulation. My sentiments carry forward to their new legislation apparently on initial offerings as well.

Russia has a lot of mixed opinions when it comes to bitcoin regulation, but I think that they've always trended towards trying to restrict people from accessing it because of the potential capital flight that it brings to the economy.

Furthermore, don't be surprised if these new legislations somehow supported the launch of their own cryptocurrency issued most likely by the central bank or whatnot, and prosecutes and penalizes actual bitcoin users.

[1Referee]

Bitmex will be having two options. Either make KYC mandatory and share all the user information with FATF, or simply close down their operations. I am not sure which one they'll chose.

Third option is to block IP's of all involved countries and let them just use a VPN to access the site. I'm pretty certain that this is the most viable course of action for Bitmex would they actually be hit with these overly aggressive new policies.

We first have to figure out what the details are. Bitmex only works with Bitcoin. People send in Bitcoin and take Bitcoin out (assuming they don't lose it all). Fiat doesn't play a role here. Bitmex might have been a target if you could deposit and withdraw verious crypto currencies, but that's not the case.

[marcbitcoins]

I believe this step is to abide and to align with the law of future international regulation of crypto currencies which is the main purpose of it is to combat the money laundering in which for sure it will be totally eliminated inside crypto space once fully implemented by all nations.