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Putin Signs Russian Crypto Bill Into Law
Russia's president signed the first of two bills on digital assets into law on Friday.
Updated Sep 14, 2021, 9:38 a.m. Published Jul 31, 2020, 3:24 p.m.
Russian President Vladimir Putin signed the first of two bills on digital assets into law on Friday, according to Russian media.
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- The bill, approved by the country's parliament last week, says companies can issue digital securities on a blockchain if they are properly registered with the Bank of Russia as issuers and satisfy certain criteria.
- Decentralized cryptocurrencies are considered a type of property, which should be reported for tax purposes and cannot be used to pay for goods and services.
- A more detailed law regulating crypto-related businesses is expected to be passed later this year, although no timeline has been disclosed.
- The previous version of that bill, which has been introduced to the Russian parliament, would make it illegal to issue and trade crypto on Russia-based infrastructure.
- The draft generally reflected the skeptical stance of the country's central bank.
- It provoked an outcry from the crypto community and criticism from both Russia's Ministry of Justice and Ministry of Economic Development.
Also read: Paxful Chips Away at LocalBitcoins’ Russian P2P Market Dominance
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
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- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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