Since Russia invaded Ukraine in February, the country has been in the news. While this may seem like the focus of what the Russian government is working on, the Ministry of Finance in Russia is also preparing a final bill on the regulation of cryptocurrencies throughout the country.
This latest crypto regulation news is important for individuals and businesses around the world using cryptocurrencies. The changes that Russia is proposing for the use of digital currencies and the ability to mine for cryptocurrencies in the country will impact how other countries are likely to push for similar types of regulations.
The New Regulations
In the earlier drafts of the law, the use of digital currencies or cryptocurrencies is not banned. In fact, it allows the use of cryptocurrencies as payment and an investment opportunity for the country. This is very different from the first crypto regulation news that indicated the country would attempt to ban the use of any currency not specifically tied to the Russian Federation.
However, it will be very difficult for Russian citizens to register with international cryptocurrency exchanges based on the law. The goal of the regulation is for Russia to legalize specific exchanges that have an economic entity in Russia. Data centers used for crypto mining will also need to be legal entities in the country.
The Russian government will have control over all aspects of mining, exchange, and trading within the country. This is true for any cryptocurrencies, including Litecoin, Bitcoin, and Ethereum, as well as others.
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