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    NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

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    APE avoids broader market weakness

    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

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    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

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    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

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    NFT Collection Doodles Sees 400% Spike In Volumes On This

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    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

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    Economic Fail Or Key To A Creative Future?

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  • Metaverse
    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

    The Go-To Marketplace For All Things Metaverse

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

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    Disney Metaverse

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    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    Man wearing smart glasses touching a virtual screen to access the metaverse

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    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

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    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

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  • Analysis
    Ethereum

    Ethereum Key Indicators Suggest A Sharp Drop Below $1K

    Bitcoin bear

    Why Bitcoin Must Break $22,500

    Bitcoin

    Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

    Ethereum

    Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

    Ethereum

    Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

    Bitcoin

    Bitcoin Dips Further, Why BTC Could Revisit $20K

    Ethereum

    Ethereum Turns Red, Why ETH Must Hold This Key Support

    bitcoin bollinger bands

    Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

    Bitcoin

    Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

  • Learn About Crypto
    Crypto Chart Patterns for Trading

    Crypto Chart Patterns for Trading

    Overbought vs. Oversold Signals

    Overbought vs. Oversold Signals

    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

    What Is Crypto Lending

    How to Survive a (Crypto) Bear Market

    How to Survive a (Crypto) Bear Market

    Top 6 Crypto Events for June 2022 – Coingape

    What Is A Bull Flag Pattern and How to Use It

    What Is A Bull Flag Pattern and How to Use It

  • Regulation
    Russian central bank exec is OK with crypto mining under one condition

    Russian central bank exec is OK with crypto mining under one condition

    OpenSea data breach causes massive leak of users’ email addresses

    OpenSea data breach causes massive leak of users’ email addresses

    First Spot Bitcoin ETF approved to launch in Europe in July

    First Spot Bitcoin ETF approved to launch in Europe in July

    E.U. moves further in its crypto regulation

    E.U. moves further in its crypto regulation

    BREAKING: Grayscale launches legal challenge to Bitcoin spot ETF rejection

    BREAKING: Grayscale launches legal challenge to Bitcoin spot ETF rejection

    EU officials reach agreement on AML authority for supervising crypto firms

    EU officials reach agreement on AML authority for supervising crypto firms

    IRS Forced To Delay Crypto Tax Collection As Industry Struggles With New Rules: Report

    IRS Forced To Delay Crypto Tax Collection As Industry Struggles With New Rules: Report

    US govt delays enforcement of crypto broker reporting requirements: Report

    US govt delays enforcement of crypto broker reporting requirements: Report

    NYDIG study calculates the value of regulation worldwide in terms of BTC price gains

    NYDIG study calculates the value of regulation worldwide in terms of BTC price gains

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Home Altcoins

The big picture behind Russia’s draft law for crypto-regulations

February 22, 2022
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The big picture behind Russia's draft law for crypto-regulations
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It’s natural to be excited when a country announces it is working on a crypto-regulation law or even a draft law. However, crypto-lovers and investors need to pause and take a closer look before concluding that the development is a bullish sign for the industry.

With that, here’s what is going on in Russia.

Time to hit the books

A Russian government website reported that on 18 February, the Ministry of Finance submitted a draft law for the regulation of cryptocurrency to the Government of the Russian Federation.

However, the official release was quick to remind Russians that using crypto as a means of payment is still illegal. Rather, the draft law means to regulate crypto as an investment.

But, that’s not all. Some proposed regulations include bringing exchanges under the control of a centralized body, identifying all clients, and only allowing crypto withdrawals/deposits through a bank account. KYC will be vital for both exchanges and clients, while banks will also take part in crypto-compliance.

Furthermore, traders can’t just waltz into the industry. The draft law proposed a crypto knowledge and risk test for all potential investors. The results will reportedly decide how much money they will be allowed to invest.

A translation of the release stated,

“Upon successful completion of testing, citizens can invest in digital currencies up to 600 thousand rubles annually. If the test is not passed, then the maximum amount of investments will be limited to 50 thousand rubles. Qualified investors and legal entities will make transactions without restrictions.”

600,000 roubles meant around $7,656 while 50,000 roubles was worth around $638, at press time.

“Putin” a good word for crypto

It was widely reported that Russia’s President Vladimir Putin is bullish on crypto and felt that Russia is well-suited to the industry. While requesting a government-bank agreement on crypto, he was quoted as saying,

“Of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country.”

However, the timing is crucial. This announcement came shortly after Ukraine passed legislation to make crypto legal in the country. Naturally, analysts are questioning whether the two countries’ updates are linked, and whether they will cut across each other in the near future.

Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.

— Mykhailo Fedorov (@FedorovMykhailo) February 17, 2022

Feeling down in the dumps

The market has been feeling the tension of strained Russia-Ukraine relations as well. Both the price of Bitcoin and the S&P500 fell together, raising fears about their increasing correlation. Meanwhile, gold hit an eight-month high. This is a sign that there is a lot of FUD in the global atmosphere.

📊 #Bitcoin is barely hanging on above $40k, and this mid-sized drop to end the week coincided with the #SP500 once again dropping. Meanwhile, #gold has soared to an 8-month high. Look for a $BTC correlation break to be a sign of a positive breakout. 👍 pic.twitter.com/8481wsk1vk

— Santiment (@santimentfeed) February 19, 2022



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