Russian parliament passes law regulating crypto market

[nikola22]

Cryptocurrency exchanges would have to be registered with the authorities in Russia before they can operate in that jurisdiction, so only authorized services are allowed to operate. However, this aspect is consistent with what you can find in other parts of the world. Russian banks are also going to reject tx's if they suspect it's from unauthorized entity:

given that operating in Russia is limited by a multitude of sanctions there are serious doubts that any global crypto exchange will register there. I think this aspect is consistent with some countries like Iran where only local crypto exchanges operate. in my opinion they'll have to create domestic exchanges and I suspect there won't be many people willing to work on them, even among local users.

To be fair though, your funds can be seized in any crypto exchange operating in any jurisdiction, for any reason!

I absolutely agree about the possibility of confiscations on centralized exchanges but it's unlikely they'll do it for far-fetched reasons. for example, in Russia they could seize your assets for saying something about stopping the war or demanding Putin's resignation.

[marrcelo]

If the Russian government got interested now in regulating the cryptocurrency market. There's some interest behind this like evading the sanctions from United States and Europe among others. Never for the benefit of the population, a free market with the population having freedom to choose what's best for themselves, this isn't just the Russian government, any country that regulates cryptocurrencies.

[Dave1]

If the Russian government got interested now in regulating the cryptocurrency market. There's some interest behind this like evading the sanctions from United States and Europe among others. Never for the benefit of the population, a free market with the population having freedom to choose what's best for themselves, this isn't just the Russian government, any country that regulates cryptocurrencies.

Just to let everyone knows, they have been embracing crypto for the longest time. I remember some old articles that Vitalik Buterin was even invited by Putin or something like that as we all know that Buterin is Russian. But nothing that we heard after that the Russian government wanted to embrace crypto.

In fact, there will be news coming from them that are contradictory to the point that most of us could have taken everything from them with a grain of salt. So what makes them U-turn after so many years?

Right, it could be that they wanted to evade sanctions or purposely wanted to put tax on Russian crpyto enthusiast.

[pooya87]

Just to let everyone knows, they have been embracing crypto for the longest time. I remember some old articles that Vitalik Buterin was even invited by Putin or something like that as we all know that Buterin is Russian. But nothing that we heard after that the Russian government wanted to embrace crypto.

No government, including the Russian government, wants to "embrace [decentralized] crypto" simply because they cannot control it. Even in cases like El Salvador that looks like having embraced it, they tried to push centralization (it was called something like el Chivo wallet that was custodial) so that they could control stuff.

Vitalik met with Putin back in 2017 to discuss the blockchain technology not embracing crypto. Like many other government with their central banks, the Russians have also been working on adopting the technology to use themselves. They later started the serious work on their own centralized cryptocurrency (CBDC) called Digital Ruble similar to a couple of other countries.

Basically that meeting was exactly the same form of meeting various Western banksters have had with the creators of the shitcoin known as Ripple.

[MusaMohamed]

No government, including the Russian government, wants to "embrace [decentralized] crypto" simply because they cannot control it. Even in cases like El Salvador that looks like having embraced it, they tried to push centralization (it was called something like el Chivo wallet that was custodial) so that they could control stuff.

With El Salvador, they tried to do Bitcoin adoption in their forced ways so several months later, things cooled down among citizens in their nation. With Chivo wallet, they made small giveaways in bitcoins to citizens but with a condition of using Chivo wallet, and doing KYC.

Reviews on Chivo wallet is actually not good.
https://walletscrutiny.com/mobile/com.chivo.wallet/

Another interesting thing is in order to fight against Bitcoin volatility, bitcoin in Chivo wallet converted to USD. So at the end, they promote USD, not Bitcoin, that's funny.
https://bitcoinmagazine.com/business/el-salvador-fixing-chivo-bitcoin-wallet

As per the Bitcoin law, El Salvador’s government, through Chivo, must provide auto-conversion of bitcoin to USD to protect Salvadorans from bitcoin price volatility.

It's how they fixed. 

[Zoomic]

To some persons this kind of move is contradictory to Bitcoin's decentralized nature and I understand why they think so.

If the people of Russia can be allowed to own crypto, they also should be allowed to spend it at will without any form of control.

That said, we can't shy away from the fact that many countries are being cautious about anything that could significantly affect the use of their national currency.

From the link the Op attached it it's said that this could end up as their "first comprehensive crypto market framework". If passed, bill will be a progress compared to outright ban even when it doesn't look like full adoption.