Putin signed a law on the regulation of cryptocurrencies from 2021 - page 2.

Twinkledoe

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Quote from: eaLiTy on August 01, 2020, 06:04:24 PM

Quote from: hugeblack on August 01, 2020, 01:11:21 AM

The law prohibits dealing, but it does not contain any penalties. The idea of punishing BTC investors with fines and prison terms has been suspended for the time being.

A law is expected to criminalize trading or impose severe penalties, but it is unlikely that it will be passed soon.

I do not think that they will pass a law that will criminalize trading because when a similar bill was introduced there was an outcry from ministers and cryptocurrency investors and now they are passing a law which allows companies to issue digital securities in blockchain if they are registered with the bank of Russia and if you pass a law like that then you cannot make a U turn and then ban everything. I am expecting strict regulations but not banning and imprisonment for users who abide by the law.

They can't totally ban crypto as people will doubt about their digital securities in blockchain. Sooner or later, they will change again their stand in terms of crypto dealings. There are so many Russians here who are into crypto, so I am sure they are also waiting to have good news from their government.

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Quote from: figmentofmyass on July 31, 2020, 06:09:41 PM

I don't see the news affecting the market (domestic or otherwise) and it also probably won't be enforced.

Most likely it will at some point (Russia probably holds one of huge crypto community, investors and traders). The one who really got affected by this are the Russian crypto communities involved in crypto. They should leave country to do some crypto trading or business related to it or else used Russian own dedicated digital exchange with hard tax applied.

Quote from: NotATether on August 01, 2020, 12:48:36 PM

Also, I should make one thing clear, they aren't going to ban holding cryptocurrency, only doing anything else with it.

Thats totally unfair if even holders will be subjected to any violation for having it. Poor russians investors, they needed to fly somewhere off Russia to dump asset.

Quote from: https://www.coindesk.com/russia-is-about-to-drop-the-crypto-iron-curtain-industry-warns

RAKIB’s letter says one of the bills introduced prohibits the issuance of cryptocurrencies using servers located in Russia and web domains registered in the country, which means local crypto businesses will have to leave for other jurisdictions.

Putin already made those guys miserable with these provisions.

eaLiTy

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Quote from: hugeblack on August 01, 2020, 01:11:21 AM

The law prohibits dealing, but it does not contain any penalties. The idea of punishing BTC investors with fines and prison terms has been suspended for the time being.

A law is expected to criminalize trading or impose severe penalties, but it is unlikely that it will be passed soon.

I do not think that they will pass a law that will criminalize trading because when a similar bill was introduced there was an outcry from ministers and cryptocurrency investors and now they are passing a law which allows companies to issue digital securities in blockchain if they are registered with the bank of Russia and if you pass a law like that then you cannot make a U turn and then ban everything. I am expecting strict regulations but not banning and imprisonment for users who abide by the law.

Baofeng

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Quote from: figmentofmyass on July 31, 2020, 06:09:41 PM

Quote from: Baofeng on July 31, 2020, 05:46:45 PM

We all know that they have a hard line stance against crypto, I'm expecting this signing and implementation much earlier.

the fact that crypto can't be used to pay for goods and services is certainly a bummer, but i don't see the news affecting the market (domestic or otherwise) and it also probably won't be enforced.

This one. If you can't used our bitcoin to pay for good and services and be treated as money then for me this is anti-crypto, half baked ass regulations coming from them. But it is nice that market as a whole has somewhat evolved or grow as a whole because it didn't put any dent and on the contrary the price continue to soar after the news comes out.

NotATether

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I don't think there's such a concept of digital financial assets that doesn't include cryptocurrency. It seems to be the only thing that resembles DFA, and countries use such long names for it most likely because they want to address it by something formal to which they give their own definition, since they don't treat all cryptocurrencies the same they ban some and legalize others.

Also, I should make one thing clear, they aren't going to ban holding cryptocurrency, only doing anything else with it. It won't be useful in Russia after that but at least Russians won't suddenly get arrested because of their crypto savings they obtained long before these bills were passed.

HeRetiK

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Quote from: https://ria.ru/20200731/1575229960.html via Google Translate

Russian banks and exchanges will be able to become operators of the exchange of digital financial assets with the right to conduct sale and purchase transactions and exchange of such assets, and for this they must be included in a special register of the Central Bank.

The Bank of Russia will have the right to determine the signs of CFA, which only qualified investors can acquire, as well as, within a certain amount, unqualified individual investors.

That sounds like Russian exchanges will finally get solid legal footing. It also sounds like the choice of legally tradeable cryptocurrencies could end up rather arbitrary though. I wouldn't be surprised if the list of approved CFA's would boil down to Bitcoin, Ethereum and some Russian alt coin no one has heard of before.

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They couldn't correctly define cryptocurrency for ages. Later Putin tried to decide how cryptocurrency would be regulated. There was a rumor about banning crypto.

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Quote from: figmentofmyass on July 31, 2020, 06:09:41 PM

Quote from: Baofeng on July 31, 2020, 05:46:45 PM

We all know that they have a hard line stance against crypto, I'm expecting this signing and implementation much earlier.

it's not totally anti-crypto. for example, the law explicitly allows companies to issue security tokens if they register with the central bank, which is a lot less harsh than china's 2017 regulation. the law also legitimizes BTC and other cryptocurrencies as investments by fitting them into the russian tax scheme.

the fact that crypto can't be used to pay for goods and services is certainly a bummer, but i don't see the news affecting the market (domestic or otherwise) and it also probably won't be enforced.

I do hope so, but it seems that there are no repercussions as of yet and business as usual for our Russian crypto enthusiast here in our community. I think the market really matures as these kind of negative news are not really affecting the market. But if this is 2017, I mean crypto media sites are going to jump on it and spin everything to create another FUD.

hugeblack

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Quote from: Baofeng on July 31, 2020, 05:46:45 PM

We all know that they have a hard line stance against crypto, I'm expecting this signing and implementation much earlier.

The law prohibits dealing, but it does not contain any penalties. The idea of punishing BTC investors with fines and prison terms has been suspended for the time being.
In fact the current Digital Finance Asset Bill (DFA), bill has been amended two times and a session of the Russian Parliament took place on July 21.

Quote

The earlier version of the DFA bill had proposed fines of up to $7K or seven years in prison for folks buying Bitcoin with fiat.

A law is expected to criminalize trading or impose severe penalties, but it is unlikely that it will be passed soon.
The next version may contain more definitions of mining and others.
Read more about this topic here & Source -----> https://bitcointalksearch.org/topic/russia-temporarily-drops-plans-to-criminalize-bitcoin-5263651

figmentofmyass

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Quote from: Baofeng on July 31, 2020, 05:46:45 PM

We all know that they have a hard line stance against crypto, I'm expecting this signing and implementation much earlier.

it's not totally anti-crypto. for example, the law explicitly allows companies to issue security tokens if they register with the central bank, which is a lot less harsh than china's 2017 regulation. the law also legitimizes BTC and other cryptocurrencies as investments by fitting them into the russian tax scheme.

the fact that crypto can't be used to pay for goods and services is certainly a bummer, but i don't see the news affecting the market (domestic or otherwise) and it also probably won't be enforced.

Baofeng

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Ok, so here it goes,

Quote

MOSCOW, July 31 - RIA Novosti. Vladimir Putin signed a law that will allow transactions with digital financial assets (DFA) from 2021, but will ban cryptocurrencies as a means of payment in Russia.

https://ria.ru/20200731/1575229960.html

The question is why does it take too long for Putin to sign this law, Lol. We all know that they have a hard line stance against crypto, I'm expecting this signing and implementation much earlier.

And who are going to challenge this law? There could be someone inside Russia that is influential in the crypto sphere, but I doubt they will make a U-turn.

I used Google Translate.

Topic: Putin signed a law on the regulation of cryptocurrencies from 2021 - page 2. (Read 389 times)