Russia | ForkLog

ForkLog 16 14.08.2024

Russian Finance Ministry and Central Bank at Odds Over Bitcoin Exchanges

The Russian Finance Ministry and the Central Bank are in discussions about establishing cryptocurrency exchanges in the country, yet consensus remains elusive. This was disclosed by Russian Finance Minister Anton Siluanov, as reported by TASS. “This topic is under discussion, as both the Central Bank and the government, represented by the Finance Ministry, are actively […]

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ForkLog 27 09.08.2024

OKX Faces Compliance Challenges in Russia Amid Regulatory Pressures

Star Xu, CEO of the cryptocurrency exchange OKX, is wary of following in the footsteps of former Binance chief Changpeng Zhao, making strict compliance a priority for the platform. This was stated by Blum co-founder Gleb Kostarev. Citing reliable sources within OKX, he noted that a large team is dedicated to compliance issues. Despite the […]

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ForkLog 61 08.08.2024

Putin Approves Legalisation of Cryptocurrency Mining and Trading Under Experimental Legal Regimes

On August 8, Russian President Vladimir Putin signed a law permitting the legalisation of cryptocurrency mining in the country, as reported by TASS. The document will come into effect on August 18, with the provision for a miners’ registry starting on November 1. For more details on its contents, read the special ForkLog material. Additionally, […]

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ForkLog 14 01.08.2024

Russian Federation Council Committee Endorses Cryptocurrency Mining and Regulatory Sandbox Laws

The Federation Council Committee on Budget and Financial Markets has recommended that the upper house of parliament approve laws regulating cryptocurrency mining and permitting experimental legal regimes (ELR) in the financial market, according to TASS. The mining law proposes the creation of a registry for legal entities and individual entrepreneurs engaged in the sector. The […]

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ForkLog 35 31.07.2024

Aksakov Endorses Establishment of Russian Bitcoin Exchanges

Russia should not limit itself to existing cryptocurrency trading platforms and can establish its own exchanges, according to Anatoly Aksakov, head of the State Duma Committee on Financial Markets, as reported by TASS. He stated that authorities are permitting the creation of specialized platforms at the legislative level. “The ban has been lifted, and implementation […]

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ForkLog 19 30.07.2024

Russia Legalises Cryptocurrency Mining: Implications for the Industry

On July 30, the Russian State Duma passed a bill regulating cryptocurrency mining in the country during its second and third readings. The legislation will take effect on September 1. ForkLog discussed the new regulations and their impact on miners with industry experts. What Does the Bill Include? The bill defines terms such as “mining,” […]

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ForkLog 18 30.07.2024

Russia’s Central Bank Sets Date for Cryptocurrency Experiments

30 July 2024 | 17:17Update: On 30 July, the Russian State Duma passed a bill in its second and third readings establishing an experimental legal regime (ELR) that permits the use of cryptocurrencies in foreign trade. This was announced by Deputy Anton Gorelkin. From 1 September, the document grants the Bank of Russia the authority […]

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ForkLog 12 30.07.2024

Rise in Pyramid Schemes Disguised as Clicker Games in Russia

In the first half of 2024, 59% of the 1723 identified financial pyramids attracted client funds in cryptocurrencies. Fraudsters often disguise these schemes as clicker games and meme coins, as reported by the Central Bank of Russia. More than 14% of illegal projects operated as economic games with a pseudo-investment component. Perpetrators exploit sanctions-related themes, […]

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ForkLog 11 29.07.2024

TRM Labs Highlights Dominance of Russian-Speaking Crypto Hackers

Russian-speaking hackers from the CIS countries have become a “ubiquitous force” in international cybercrime related to digital assets, according to a report by TRM Labs. The study indicates that Russian-speaking perpetrators are responsible for at least 69% of ransomware revenues, amounting to over $500 million in 2023. Share of Russian-speaking hackers. Data: TRM Labs. The […]

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ForkLog 17 25.07.2024

Russian Banks’ New Anti-Fraud Measures May Hinder Cryptocurrency Exchange

From July 25, Russian banks have implemented a new mechanism for the return of funds stolen by fraudsters. This could significantly complicate P2P cryptocurrency exchange operations, senior partner of the Emet law firm, Eduard Davydov, told ForkLog. In the event of theft, a client must contact the bank, which, after reviewing the claim, is obliged […]

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ForkLog 8 25.07.2024

Russia Reverses Ban on Cryptocurrency Circulation

On July 25, the Russian State Duma’s Financial Market Committee introduced amendments to the second reading of the mining bill, removing the ban on the organization of cryptocurrency circulation. This was announced by Deputy Anton Gorelkin. This provision had previously excluded the possibility of creating exchanges and exchangers outside the scope of experimental legal regimes […]

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ForkLog 17 25.07.2024

Russia Turns to Cryptocurrencies for Cross-Border Payment Solutions

Russian companies are increasingly encountering difficulties in international transactions due to the threat of secondary sanctions against their counterparts. Against this backdrop, cryptocurrencies and payments through intermediaries are gaining popularity, writes Bloomberg. The most significant challenge for Russia involves dealings with China, whose trade with Russia reached a record $240 billion in 2023. In many […]

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