Crypto Law SOFTENED but Exchanges to COLLAPSE. What did the State Duma decide? / Cointelegraph
The Ministry of Finance and the Central Bank are finalizing an updated draft law on cryptocurrency regulation in Russia. The final text will be ready next week. Participants in foreign economic activity (FEA) will be allowed to conduct any cryptocurrency transactions. This is a necessary step: sanctions pressure and the market's scale have left cryptocurrency the only instrument for international trade. Businesses are being given the green light. However, strict restrictions are being prepared for the domestic market. Rosfinmonitoring is demanding that crypto exchanges be subject to the same level of oversight as banks. The Central Bank is removing its sole authority to set requirements for AML services. All AML providers will be required to fully ground their IT infrastructure in Russia. Those who resold Chainalysis and Elliptic data will be denied licensing. Small and medium-sized exchanges may close, as compliance costs will become economically unbearable. Legal miners will be required to register their IP addresses in the Federal Tax Service registry. False data will result in exclusion from the registry and criminal liability. The Moscow Exchange is preparing test cryptocurrency trading. Banks and brokers will have access, and retail trading will be launched later this year.
A criminal case has been opened in Astrakhan for crypto tax evasion: a resident reported false expenses to understate profits of 34.5 million rubles. He faces up to two years in prison. The Belarusian exchange WhiteBird has been labeled as sanctioned. The service's team denies the information: the labeling only affected old wallets.
Bitcoin is stuck in a sideways trend. Key resistance is at 78,200.
Without an influx of fresh money, a breakout of $80,000 is unlikely. Michael Saylor bought another 24,869 BTC, Strategy is close to 1 million BTC. Bitmine bought an additional 72,000 ETH as the market fell below $2,200. The Fed is creating simplified accounts for crypto exchanges. Trump received lifetime tax immunity. The US is quietly developing a digital dollar. Russia is launching a digital ruble: large businesses are required to accept it starting September 1st. Pavel Durov has launched a chat room for AI bots on Telegram.
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Timecodes:
00:00 — Main news of the week
01:11 — The Ministry of Finance and the Central Bank are preparing a law on cryptocurrency. Foreign trade activities have been permitted for all crypto transactions. Businesses have received the green light
02:20 — Domestic market cleanup: exchangers will be treated as banks
03:15 — AML providers will be required to ground their IT infrastructure in Russia
04:42 — Moscow Exchange launches cryptocurrency trading. Retail sales will be launched by the end of the year
05:43 — What's happening with the Bitcoin exchange rate? Saylor bought 24,869 BTC
09:43 — The Federal Reserve is creating simplified accounts for crypto exchanges. Trump received tax immunity
11:40 AM — The US is secretly developing a digital dollar. A digital ruble since September
12:53 PM — Durov launched a conversation between AI bots. A former FTX executive presented a "loss-free" platform
1:25 PM — Echoes of FTX: AI without losses?
3:01 PM — What else have they come up with for miners?
3:45 PM — Are WhiteBird addresses subject to sanctions?
5:20 PM — Criminal case for cryptocurrency taxes in Astrakhan: up to 2 years in prison
All safe ways to buy and sell crypto in Russia: • Вас ЗАБЛОКИРУЮТ за P2P. Как теперь покупат...
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