Russia Publishes New Crypto Law Expanding State Control Over Digital Assets 21
Russia has enacted a new law expanding control over cryptocurrency mining, granting multiple federal agencies access to digital currency identifier addresses, among other things. The country is also advancing its regulatory framework and experimenting with crypto in international trade. From a report: Taking effect on Nov. 1, the legislation includes several amendments designed to strengthen oversight and impose limitations on crypto mining activities based on regional needs. The law enables the Russian government to implement mining restrictions by location and define specific procedures and circumstances for banning mining operations. A notable provision in the law gives the government the power to stop digital currency mining pools from functioning in certain areas. Additionally, the government now has the authority to regulate infrastructure providers supporting mining operations.
This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or terrorist financing activities. Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions. While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.
This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or terrorist financing activities. Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions. While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.
Pyrite Pete's failed prediction (Score:1)
On Monday April 26, 2021 @02:16AM UTC, Pyrite Pete [urbandictionary.com] had said:
That was back when bitcoin had already fallen, and down to about $47K at the time. It should've been back up to "twice its value" no later than June 26 2021 - over 3 years ago. It's still nowhere near the $94K Pyrite Pete promised us.
Now that's what I call a prediction #FAIL!
Want more LOLs @ Pyrite Pete shitposts? Here are but a sample:
"It is pretty much a given that BTC will be up to 100,000 [slashdot.org]
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but so what?
BTC was $34k - 38k USD 1 year ago, now it's just about double.
not many things giving 100% returns in just one year.
Nov 2019 it was 9k; if you risked $1000 then and did nothing else you could cash out & pocket $60k profit.
My friends & colleagues who did house flipping have done much better but it's not easy to buy in to that market for $1000.
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Wow, that's a devoted post of hatred if I've ever seen one. Such devotion only matched by love. Interesting, indeed.
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Yes, because in Russia you are allowed to freely voice your opposition to its invasion of Ukraine. That's how "free" you are in Russia.
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Yes, because in Russia you are allowed to freely voice your opposition to its invasion of Ukraine. That's how "free" you are in Russia.
You can be jailed in Russia for holding up a BLANK sign
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The SEC sucks but if you read the submission you'd see that Putin wants absolute control of all blockchain assets in Russia.
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"....while the US SEC and DoJ fight to prevent it from being outside their immediate control, taxation, "rules", and "authoritay.""
LOL, you're so deprived of your freedom. Russia might be a better place for you, perhaps your friend Putin will pay for your ticket.
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all the journalists who've offended & criticized Trump are all still alive & free.
that can't be said of those who've fallen out of Putin's good graces.....and highrise windows
In Soviet Russia, Bitcoin mines you! (Score:1)
Regulated for commercial use; personal use ok (Score:2)
If you're small or not supplying services to others, then you remain unregulated. But if you scale up or start engaging in commerce, then you fall under the regulatory framework.
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The last line makes an important distinction:
If you're small or not supplying services to others, then you remain unregulated. But if you scale up or start engaging in commerce, then you fall under the regulatory framework.
Might want to best understand what those “specific” electricity consumption limits are before we assume how to read this new regulation.
You’re not much of a “miner” if that’s suddenly limited to the monthly usage of an LED-powered toaster, personal or otherwise.
Just next area of resource grab for the dictator (Score:2)
The word "law" doesn't apply to Russia. (Score:2)