New crypto regulations in Russia have a massive oversight

Quick take

1 minute read

• Earlier this month on the 12th of November, the Ministry of finance in Russia proposed new amendments to the cryptocurrency laws in the nation. 

• This would clarify rules around tax evasion and other related topics to the industry.

Earlier this month on the 12th of November, the Ministry of finance in Russia proposed new amendments to the cryptocurrency laws in the nation. This would clarify rules around tax evasion and other related topics to the industry.

But some keen-eyed enthusiasts have noted that there is a major oversight when it comes to cryptocurrency transactions. There doesn’t seem to be any liability for criminals who used crypto to utilise their illegal transactions.

Under these new proposed guidelines, residents in Russia can face up to 3 years in prison if they fail to report transactions of $583,000 or more at least twice within a three-year period.

The head of business development at the crypto platform known as EXMO, Maria Stankevich has said the following on the matter:

“We don’t see any criminal liabilities for the dark crypto market or the cash exchangers in Moscow that are still processing large amounts of dirty crypto. Basically, what the government is trying to do is to prosecute the citizens instead of creating solid regulations of bad market players (as for example the UK does).”

The rules put into place in Russia on cryptocurrency holders comes at a time when central-bank digital currencies are being mulled over in the country. CBDC projects are becoming more and more popular all over the world with numerous different nations with China getting ready to release its digital yuan in the near future.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.