Russia Drafts Bill for Legalizing Cryptocurrency trading on Approved Exchanges

Nishanth Shetty

Nishanth Shetty

January 12, 2018 8:58 am

Russia Drafts Bill for Legalizing Cryptocurrency trading on Approved Exchanges | Coindelite News
47543 Total Views

Bitcoin Exchange

The Russian Ministry of Finance is drafting a bill for legalizing the cryptocurrency trading on approved exchanges. The ministry is already preparing a list of approved trading platforms.

Some Exchanges are going to be Legalized

Alexei Moiseev, The Russian Deputy Finance Minister told:

“My Ministry supports the legalization of trade in cryptocurrencies on official exchanges.”

He included that they do not want to limit and regulate, but we will set some limits, nothing will happen to those already possess cryptocurrencies.

Moiseev included:

“This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”

List of Legal Platforms will be Discussed

The bill for the regulation of cryptocurrencies and Initial Coin Offerings (ICOs) was jointly presented at the end of December of last year by the ministry of finance and the central bank.

Tass reported:

“Following the discussion at the public council, a number of comments were made, which we are now finalizing, Moiseev clarified that his ministry plans to finalize the bill, including the development of rules for the circulation of cryptocurrencies and submit it to the State Duma in February.”

Moiseev revealed Regarding the trading platforms which are going to be legalized:

“We will now actively discuss this issue, [list of approved exchanges]. This issue is currently unresolved. The rest is more or less clear.”

Putin Emphasized the Requirements for Proper Regulation

The bill for regulating the cryptocurrency and ICOs in Russia is expected to be adopted in March; Anatoly Aksakov, the chairman of the State Duma Financial Markets Committee said that President Vladimir Putin has mandated the regulatory framework for both cryptocurrencies and ICOs be finalized by July 1 of next year.

Putin said that “legislative regulation will certainly be needed” for the Cryptocurrency market, in a meeting which was held with the heads of print media and news agencies on Thursday.

Putin described:

“It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.”

RT quoted that Putin said:

“If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into, right now it is the responsibility of the person himself and the government can only say you can do this but you can’t do that, and if it’s still not clear then there will be some problems that need to be solved.”

No Comments
South Korean Exchange Bithumb Eyes Thailand and Japan for Expansion

  Korean Crypto Exchange Bithumb has declared that it will open new offices in Thailand and Japan. As per local news outlets ZDNet, Bithumb is expecting the approval of the Thai Securities and Exchange Commission (SEC) and Japanese Financial Services (FSA). Bithumb describes that it selected Thailand because the e-commerce and …

Brazilian Police Caught a Gang that Used Bitcoin to Launder Millions of Dollars

  Recently, Brazil Federal Police has arrested 12 people who are connected to a gang that used bitcoin to launder millions of dollars earned in smuggling drugs in Europe, Asia and in Africa. According to the local report, the gang was caught in an operation named “Antigoon,” in cooperation with …

Cryptocurrency Malware Infects League of Legends

League of Legends (LOL) is an online game which pits two teams of players against one another in an epic battle. The players can choose from an array of interesting characters. The game has generated over a billion dollars in revenue. Lestergozaga, a Reddit user discovered that the Coinhive malware …

Ripple and XRP: Key Differences Explained

  These days a huge number of companies and organizations, banks are adopting the Ripple technologies. Somehow, XRP has been knocked between the price dip, regulations, etc. Have you ever compared Ripple and XRP and saw the difference?. I think most of us haven’t. So, here you could understand the difference …

GPU Prices Finally Gain Stability After an Year-Long Surge

GPU prices drop after being rising for almost a year. Since May 2017, there was a steep increase in the price of dedicated graphics cards. Surprisingly, this was not due to the rise in the number of game releases, but this was due to the general public’s interest in cryptocurrency. An …

UK Mosque has Raised 14,000 GBP as the Cryptocurrency Donation

  In May, UK’s Shacklewell Lane Mosque had announced that it would start accepting cryptocurrency as Sadaqah (donations). The Mosque has collected a huge 13,983 GBP (Great British Pounds) in cryptocurrency during Ramadan. Turkish runs the mosque in Hackney, in East London. The mosque had planned to start accepting cryptocurrency at …