amendments, crypto, crypto exchange, cryptocurrencies, cryptocurrency, deputies, dfas, digital assets, digital financial assets, draft, exchange, lawmakers, legislation, parliament, proposal, regulations, restrictions, russia, russian, sanctions, state duma

Lawmakers in Russia are drafting legislation that would allow the establishment of a “national cryptocurrency exchange,” local media unveiled. Coins now circulate outside of government oversight and the Russian state is losing budget revenues in the billions of rubles, pointed out one of the participants in these efforts.

Legislators Want Russia to Have Its Own Cryptocurrency Exchange

Members of the State Duma, the lower house of Russia’s parliament, are working on a legal framework that will enable the authorities in Moscow to set up a Russian crypto exchange. The deputies have discussed the initiative with representatives of the industry in mid-November, the leading Russian business daily Vedomosti reported, citing two informed sources.

The lawmakers plan to prepare a draft taking into account the opinions of the market participants and then submit it to the government and the Central Bank of Russia, the publication revealed. Representatives of the monetary authority and the Ministry of Finance were not present at the meeting, the sources noted.

The plan is to introduce the necessary amendments to the country’s law “On Digital Financial Assets,” which went into force in January of 2021. It’s still the main piece of legislation regulating the country’s crypto space, although only partially.

Other changes proposed last week aim to legalize mining, while banning the circulation, exchange, and non-targeted advertising of cryptocurrencies in Russia, with the exception special “experimental legal regimes” allowing their use in payments for imports.

The news that work is already underway to create the legal basis for a Russian crypto exchange was confirmed to Vedomosti by Sergey Altukhov, member of the parliamentary Economic Policy Committee from the ruling United Russia party. Commenting on the matter, the lawmaker insisted:

It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate largely outside of government regulation.

According to Altukhov, it all comes down to billions of rubles in lost budget revenue from taxes that the Russian Federation could collect. He emphasized that it’s necessary to create the conditions for the legalization of cryptocurrencies and adjust the “rules of the game” so that they don’t contradict the positions of the executive power and the central bank.

One of the sources also remarked that the future exchange is not viewed as a platform that will be facilitating the spread of cryptocurrencies or their use as a means of payment in Russia, but rather as place where Russians will be able to declare and convert their digital holdings into fiat. In his opinion, at least one such website should be set up under Russian jurisdiction to prevent potential foreign restrictions and security risks stemming from storing data abroad.

NEWS RELATED

Sam Bankman-Fried claims new FTX CEO John Ray made ‘false’ claims in court filings

Disgraced FTX founder Sam Bankman-Fried lashed out at the company’s new CEO John Ray, alleging he has made “false” statements in court filings during the company’s contentious bankruptcy proceedings. Ray, who is tasked with steering FTX through intense legal and regulatory scrutiny, claimed in bankruptcy court last month that FTX ...

View more: Sam Bankman-Fried claims new FTX CEO John Ray made ‘false’ claims in court filings

‘Call him Sam Bankman Fraud’: FTX investors who lost up to $2M lash out

FTX investors who claim to have lost millions when the cryptocurrency exchange crashed and went bankrupt say disgraced CEO Sam Bankman-Fried is making it worse with media interviews. Getty Images for CARE For Specia Evan Luthra says he lost more than $2 million when the FTX cryptocurrency exchange imploded ...

View more: ‘Call him Sam Bankman Fraud’: FTX investors who lost up to $2M lash out

Report Suggests FTX's Tokenized Stocks Might Not Have Been Backed 1:1, Synthetics May Have Been Used to 'Manipulate' Real Stock Prices

On Dec. 4, 2022, a report details that FTX-based synthetic stocks may have been used to manipulate the value of AMC shares. In May 2021, FTX offered 36 tokenized stocks but speculators believe it’s questionable whether or not the firm actually held the real stocks in the first place. ...

View more: Report Suggests FTX's Tokenized Stocks Might Not Have Been Backed 1:1, Synthetics May Have Been Used to 'Manipulate' Real Stock Prices

FTX’s Sam Bankman-Fried Was a ‘Master Manipulator,’ Says Binance CEO CZ

“No healthy business can be destroyed by a tweet,” Changpeng Zhao says to accusations that he caused the FTX collapse.

View more: FTX’s Sam Bankman-Fried Was a ‘Master Manipulator,’ Says Binance CEO CZ

Microsoft: Hackers target cryptocurrency firms over Telegram

Microsoft says that cryptocurrency investment companies have been targeted by a threat group it tracks as DEV-0139 via Telegram groups used to communicate with the firms’ VIP customers. “Microsoft recently investigated an attack where the threat actor, tracked as DEV-0139, took advantage of Telegram chat groups to target cryptocurrency ...

View more: Microsoft: Hackers target cryptocurrency firms over Telegram

Wikipedia Editors List FTX's Questionable Blunder as the Top Trading Loss of All-Time

Following the collapse of FTX at the beginning of November, two top executives from FTX and Alameda Research — Sam Bankman-Fried and Caroline Ellison — have been listed among traders with the top trading losses worldwide on Wikipedia. According to the Wiki page, Bankman-Fried’s and Ellison’s so-called ‘trading loss’ ...

View more: Wikipedia Editors List FTX's Questionable Blunder as the Top Trading Loss of All-Time

Barcelona and Argentina Legend Mascherano Joins Alchemy Pay as Brand Ambassador

sponsored Barcelona and Argentina soccer legend, Javier Mascherano has signed for the leading fiat-crypto payment gateway Alchemy Pay. On December 1st, He announced on his social media platforms that he officially became an ambassador for Alchemy Pay, promoting its payment features and products, and will be working closely with ...

View more: Barcelona and Argentina Legend Mascherano Joins Alchemy Pay as Brand Ambassador

Goldman’s David Solomon on hunt for bargain crypto firms after FTX fiasco

Goldman Sachs plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. FTX’s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick ...

View more: Goldman’s David Solomon on hunt for bargain crypto firms after FTX fiasco

CNBC’s Jim Cramer tells investors to abandon crypto: ‘It’s never too late to sell’

Biggest Movers: LEO Rebounds on Wednesday, Whilst AVAX Falls From 3-Week High

Dogecoin Price Prediction as $800 Million Trading Volume Comes In – $1 by 2023?

Rackspace confirms outage was caused by ransomware attack

Microsoft's Azure Kubernetes Service Getting Bolstered by Isovalent's Security, Networking and Observability Solutions

Web3 Blockchain Gaming Project Oasys Closes Strategic Funding Round With Participation of Galaxy Interactive and Nexon

Making Cryptocurrencies More Sustainable: Follow Ethereum’s Lead

Warner Music Group to Release Polygon Music NFTs Through LGND Platform

Indonesia approves criminal code banning sex outside of marriage

Rackspace says ransomware is behind four-day Exchange outage

Climate protesters found guilty of causing criminal damage to The Hay Wain

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network