Russian Plans To Adopt Four Crypto Related Laws

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Russian Plans To Adopt Four Crypto Related Laws. Russian lawmakers intend to soon approve four Draft Laws designed to regulate various aspects of cryptocurrencies. Meanwhile, Russian companies are already using digital assets in cross-border settlements.

According to the Chairman of the Parliamentary Financial Markets Committee Anatoly Aksakov, the State Duma, the lower house of the Russian parliament, plans to adopt four crypto-related laws during its spring session ending on July 30.

The bill is adapted to regulate cryptocurrency mining, cross-border cryptocurrency payments, taxation of digital assets and accountability for their illegal use, said the lawmaker, quoted by the Interfax news agency. He emphasized that the draft law had been carefully thought out.

Aksakov said large Russian companies were already actively using cryptocurrencies in foreign trade settlements, but they wanted to see legislation outlining the legal framework for such transactions.

“Now we have come to a point where four bills are in the stage of practical adoption. It is very likely that we will adopt all the laws at the spring session,” he said while speaking at the St. Petersburg International Law Forum. Petersburg.

Anatoly Aksakov also said that the authorities wanted to take into account the opinion of market participants regarding the tax rules.

“Most likely, the norms that apply to the DFA will be taken into account as much as possible here, because these are similar instruments,” he explained.

The “On Digital Financial Assets” (DFA) Act, which entered into force in January 2021, only covers some crypto-related activities, in particular those involving digital assets with issuing entities, such as tokenized traditional assets or utility tokens.

At the same time, transactions with decentralized cryptocurrencies such as bitcoin are not yet comprehensively regulated in Russia. Pressured by Western sanctions over Moscow’s invasion of Ukraine, the Russian authorities have intensified their efforts in this direction.

Russian Plans To Adopt Four Crypto Related Laws. Previously, in the midst of Russia’s ongoing invasion of Ukraine, the US and its private sector partners wanted to assist Ukrainian authorities seeking to block Russian actors from using cryptocurrency to evade sanctions.

On Thursday, May 11, 2023, the Internal Revenue Service’s Criminal Investigations unit (IRS-CI) and blockchain analytics company Chainalysis began training in advanced blockchain analysis in Frankfurt, Germany for Ukrainian law enforcement agencies.

IRS-CI head Jim Lee said he wanted to highlight the importance of partnerships and how they are important for doing business. Lee added they are the key to unraveling complex financial transactions.

Twenty Ukrainian investigators from three different law enforcement agencies, the National Police, the Economic Security Bureau, and the Cyber ​​and Information Security Department of the Security Service participated in the training to learn how to analyze blockchain data, track cryptocurrency transactions, and develop operational leads.

Co-founder and CEO of blockchain analytics company Chainalysis, Michael Gronager said it was a step forward in building trust among institutions and private sector companies.

“Everyone will be more successful if the public sector allocates the necessary resources,” said Gronager, quoted from Decrypt.

According to government and private entities, cryptocurrencies are playing good and bad roles in the conflict. On the one hand, pro-Russian groups are asking for donations in crypto, with more than 100 different groups receiving USD 5 million or the equivalent of IDR 73.8 billion (assuming an exchange rate of IDR 14,761 per US dollar) over the past year.

Meanwhile, crypto assets have also been used for good, be it direct assistance in war efforts or for humanitarian needs. Organizations and individuals in Ukraine have received more than USD 50 million or equivalent to IDR 738 billion.

Previously, cryptocurrency exchange Binance faced investigations in the United States (US) for alleged violations of sanctions against Russia.

An investigation was launched to find out whether the crypto trading platform was used by Russia to circumvent the financial restrictions imposed upon Moscow’s invasion of Ukraine.

Russian Plans To Adopt Four Crypto Related Laws. Quoted from, Monday (8/5/2023), sources say Binance is facing another US investigation. The US Department of Justice is trying to determine whether Binance Holdings, the operator of the world’s largest crypto exchange, was used to allow Russia to circumvent western sanctions.

According to sources, the national security division is investigating whether the company or its officials have violated restrictions introduced in connection with Russia’s invasion of Ukraine as part of the undercover investigation.

“The investigation, which has never been reported before, is moving on a parallel track to the existing investigation by the criminal division,” said the source.

The news comes after a Russian crypto media report in late April reported that Binance had quietly lifted some restrictions on Russian users. Russians can again use bank cards to deposit and trading platforms have canceled balance limits introduced under European Union sanctions.

Binance has been in talks with the Department of Justice in an effort to resolve complaints regarding previous allegations of bypassing sanctions against Iran before introducing stricter compliance controls.

In a statement, the company stressed it fully complies with all US and international sanctions.

In 2021, Binance launched an initiative to completely overhaul its corporate governance structure including bringing in world-class executives to fundamentally change the way Binance operates globally.

It also demonstrates a know-your-customer protocol that rivals any traditional banking system and every Binance user is required to pass this procedure which includes country of residence verification and checking of personal identity.

“Our policy enforces a zero-tolerance approach to multiple registrations, anonymous identities, and unclear sources of money,” the company emphasizes.

Meanwhile, the United States Department of Justice has declined to comment.

Russian Plans To Adopt Four Crypto Related Laws. Binance has been the focus of other United States investigations including an investigation into its compliance with anti-money laundering requirements led by the Internal Revenue Service and a lawsuit filed by the Commodity Futures Trading Commission.

The Securities and Exchange Commission has checked whether the platform supports trading of unregistered securities.

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