Putin Signs New Crypto Law, Now Russia Can Control Digital Assets
2024-10-27
Bittime - What would happen if the concept of cryptocurrency, which basically represents freedom, could actually be 'controlled'?
The excessive freedom of cryptocurrency gives rise to the potential for various cyber crimes.
Based on this thought, Russia decided to issue a new Crypto Law.
Not long ago, Vladimir Putin also signed the new crypto law in Russia.
Putin Signs New Crypto Law
The Russian government has just issued new regulations that give the state greater power to regulate crypto asset activities, especially mining.
The new Crypto Law which was signed by President Putin is effective on November 1, 2024.
Read Also: Russia Legalizes Bitcoin Mining
The issuance of the New Crypto Law in Russia is a form of Russia's commitment to having stronger control over crypto.
Through new regulations, the Russian government can now regulate, limit and even stop cryptocurrency mining activities in its territory.
The goal is to maintain financial stability and prevent illegal activities.
For example, some Russian government agencies, such as law enforcement, can now access information about crypto transactions.
Crypto Mining Activities in Russia Post New Crypto Law
The Russian government has transferred the authority for registration of crypto mining activities from the Ministry of Digital Development to the Federal Tax Service.
These changes aim to improve supervision of mining activities and ensure compliance with tax regulations.
Companies and individual entrepreneurs who wish to carry out mining activities are now required to register their businesses, while individual miners with limited electricity consumption can operate without registering.
Read Also: Russia Considers Cryptocurrency Trading for Investors
Russia's Approach to Crypto
In order to strengthen its economic position and reduce dependence on the US dollar-dominated global financial system, Russia has taken significant steps in the field of digital assets.
Russia has now not only legalized crypto mining activities, but is also developing its own digital currency, namely the digital ruble.
Read Also: BRICS Currencies Challenge Dollar Dominance
In addition, Russia has also opened up opportunities for the use of crypto assets in international trade, with strict supervision from the central bank and relevant government agencies.
How to Buy Crypto on Bittime
Want to trade, sell, buy Bitcoin and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with CoFTRA, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
