News
Evgeny Masharov, a member of the Russian Civic Chamber, said that forfeited crypto “should work for the benefit of the government.”
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Russia News
Russia, or the Russian Federation, is the world’s biggest country in terms of land mass. On a map, Russia sits above Kazakhstan, Mongolia and China. Russia dwarfs China in geographic coverage but not in population, although Russia still has one of the largest populations globally. The ruble serves as Russia’s national currency.
Cryptocurrency usage in Russia faces restrictions due to legislation, including President Vladimir Putin’s 2020 law legalizing but banning crypto use for goods. A 2022 bill, at odds with the Bank of Russia, treats crypto as an investment tool, not legal tender. It proposes fines of up to 500,000 rubles for individuals and 1 million rubles for companies engaged in crypto trading or issuance.
Additionally, the Bank of Russia is actively developing a central bank digital currency, with plans to expand the pilot program by 2023 and achieve a full launch in 2025. Moreover, cryptocurrencies cannot be used for payments in Russia, and stringent criteria apply to exchanges and over-the-counter desks for licensing. Foreign exchanges must register in Russia to operate. All crypto-to-fiat transactions require bank accounts, and users must undergo Know Your Customer checks with banks and exchanges, reflecting Russia’s cautious stance on cryptocurrency regulation.
- News
Gotbit founder Aleksei Andriunin has agreed to forfeit about $23 million in Tether USDt and USDC in a plea deal with Massachusetts federal prosecutors.
2200 - News
Garantex, a sanctioned Russian crypto exchange, had its $27 million in Tether frozen in early March, and its operator was arrested in India less than a week later.
3085 - Market Analysis
A US-led tariff war, preexisting economic sanctions, and global Bitcoin and stablecoin adoption could play a role in some countries’ attempts to dedollarize.
3583 - News
Russian oil firms are using Bitcoin and USDt for trade with China and India despite global sanctions, according to Reuters.
12504 - News
Russia plans a three-year crypto trial for select investors under an experimental legal regime to regulate digital currencies and market transparency.
8478 - News
Crypto exchange Garantex halted trading and withdrawals after Tether froze about $27 million of its stablecoin USDT tied to the platform.
8122 - News
A Chainalysis report has revealed that US-sanctioned jurisdictions, including Iran and Russia, moved $15.8 billion in crypto in 2024, with mixing services aiding evasion.
2850 - News
BTC-e operator Alexander Vinnik was returned to Russia in a prisoner swap, exchanged for American teacher Marc Fogel.
9086 - News
Russian brokerage Finam will offer structured notes tied to BlackRock’s Bitcoin ETF, targeting qualified investors amid unclear crypto regulations in Russia.
2292 - News
Schoolteacher Marc Fogel returned to the US on Feb. 11 as part of a deal with Russian authorities that will reportedly include the release of Alexander Vinnik.
13003 - News
Ten countries launched a joint operation to disrupt LockBit in February 2024, saying the group had caused billions of dollars in damage to individuals and key infrastructure.
2592 - News
Rostin Behnam exits the US CFTC and calls for stronger regulation, Russia confiscates $10 million in Bitcoin and the IMF advises Kenya on crypto regulations.
3365 - News
The Bitcoin seized from former ICRF employee Marat Tambiev will be turned into Russian state revenue.
4518 - News
This week’s Crypto Biz explores Bitcoin’s landmark year, Crypto.com’s new custody service, Russia’s partial ban on crypto mining and taxes on staking rewards in the US.
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