duma

According to Bits.media, the State Duma's Committee on National Construction and Legislation in Russia has suggested passing the government's proposed criminal liability bill for illegal cryptocurrency mining in the first reading.The bill will add Article 171.6 "Illegal Mining of Digital Assets and Activities of Mining Infrastructure Operators" to the Criminal Code, applicable to mining activities not registered in the national registry and unlicensed provision of mining infrastructure services. The severity of penalties will depend on the seriousness of the crime: for income or losses exceeding 3.5 million rubles, fines can reach up to 1.5 million rubles or two years' income, or compulsory labor for up to two years; for crimes committed by organized groups or income exceeding 13 million rubles, fines can reach up to 2.5 million rubles or three years' income, compulsory labor or imprisonment for up to five years, and may also include additional fines of up to 400,000 rubles or six months' income. In all cases, confiscation of the mined cryptocurrency is stipulated. The government states that currently about 50,000 entities in Russia are engaged in mining, but only 1,489 (609 legal entities and 880 individual entrepreneurs) are registered in the national registry.

The State Duma of Russia (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in the first reading, marking a key step towards the legalization of cryptocurrency assets in the country.According to the bill, the Bank of Russia will become the core regulatory body for the cryptocurrency market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions. The bill proposes to classify cryptocurrencies as "property," but explicitly prohibits their use as a means of payment domestically, with the ruble remaining the only legal tender. However, in the context of Western sanctions, cryptocurrency assets can be used for cross-border trade settlements, including service payments, intellectual property transfers, and other scenarios.In addition, the bill allows Russian residents to legally invest in cryptocurrency assets through licensed institutions, but will implement a tiered investor system, setting testing and annual investment limits for ordinary investors (with a suggested cap of 300,000 rubles). Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be allowed for trading, with a whitelist established by the central bank. The bill is expected to be formally passed and come into effect by July 2026 at the latest. However, some lawmakers and banking industry figures have criticized the overly strict regulations, which may affect market activity and even lead to funds remaining in the gray market. At the same time, accompanying legislation is also proposed to introduce criminal penalties, with a maximum sentence of 7 years in prison for illegal cryptocurrency trading.

According to Bitsmedia, the State Duma of Russia has passed a law in its third and final reading that clearly outlines the procedures for the confiscation and freezing of cryptocurrencies in criminal cases.The bill confirms the legal status of cryptocurrencies as property and requires detailed documentation of asset types, quantities, and wallet addresses during confiscation. The bill allows confiscated cryptocurrencies to be transferred to a designated state wallet and authorizes government agencies to cooperate with foreign exchanges to implement confiscation measures. The bill still requires approval from the Federation Council and the president's signature, and will take effect 10 days after its official publication.Previously, the Constitutional Court of Russia had allowed citizens to protect their digital currency rights in court, even if not declared to the tax authorities.

The chairman of the Financial Market Committee of the State Duma of Russia, Anatoly Aksakov, stated that a bill aimed at removing cryptocurrencies from the "special financial regulation" framework has been prepared, which may promote the common occurrence of cryptocurrencies in the lives of Russian residents in the future.Aksakov mentioned in an interview with Russian state television that the State Duma will focus on issues related to digital financial assets and cryptocurrencies during the upcoming spring session. According to the proposed bill, cryptocurrencies will no longer be regarded as special regulatory objects, and their use cases will become more normalized.He also pointed out that the bill allows non-professional investors to participate in the cryptocurrency market but sets a limit, stating that the amount an individual can purchase in digital currency must not exceed 300,000 rubles; professional market participants are not subject to this restriction. In addition, cryptocurrencies can be used for international settlements and, after being issued in Russia, can further enter the financial markets of other countries.

According to ChainCatcher, TASS reported that at the 13th St. Petersburg International Legal Forum, Russian Deputy Minister of Justice Vadim Fedorov stated that the Ministry of Justice has drafted a bill to classify digital currencies as property for the purpose of arrest and subsequent confiscation. Experts are planned to be involved in the relevant procedural actions to determine a series of necessary measures to ensure the security of digital currencies for subsequent confiscation or to address victims' claims. The bill is prepared for a first reading in the State Duma.

ChainCatcher news, Russian Duma Chairman Volodin stated that the United States supports the arrest of Telegram CEO Durov in France without providing evidence. (Jin Ten)

ChainCatcher news, according to Jinshi reports, Vyacheslav Dzhavanov, Deputy Chairman of the State Duma of Russia, has called for the Federal Service for Supervision of Communications, Information Technology and Mass Media of Russia to immediately block the websites of major French companies operating in Russia.

ChainCatcher news, according to CCTV News, the Deputy Chairman of the Russian State Duma, Davankov, called on the Russian Ministry of Foreign Affairs in the early hours of the 25th to find a way to rescue Durov (Pavel Durov). He stated that he has sent a corresponding request to Russian Foreign Minister Lavrov. The Russian Ministry of Foreign Affairs has indicated that the Russian Embassy in France has taken the necessary measures to understand the situation regarding Pavel Durov.Pavel Durov was born in 1984, and the media reports that he holds multiple nationalities, including Russian, French, and Emirati. There are reports that, since Pavel Durov is a French citizen, he will not be exchanged or extradited to other countries.

ChainCatcher news, according to RIA Novosti, the Russian Duma has passed a law in the second and third readings that allows for cross-border settlements and exchange transactions of digital currencies within the framework of an experimental legal regime (EPR) starting from September 1, 2024.In addition, the Russian Duma has also passed a law in the second and third readings that will legalize cryptocurrency mining in Russia starting from November. The law stipulates the procedures and conditions for conducting such activities. Legal entities and individual entrepreneurs registered in the Russian Federation's Ministry of Digital Development will be entitled to engage in cryptocurrency mining.

ChainCatcher news, according to RIA Novosti, the State Duma of Russia has passed a bill in the first reading that legalizes cryptocurrency mining in Russia. According to the bill, the Government of the Russian Federation will reach an agreement with the Central Bank of Russia to establish activity requirements for individuals and legal entities (including pool participants) engaged in digital currency mining. The control (supervision) of compliance with the established requirements will be carried out by the Ministry of Digital Development. The government may also prohibit mining activities in certain regions or specific territories.

ChainCatcher news, Bitcoin News tweeted that the Russian Duma committee has recommended the first-round approval of a Bitcoin mining regulation bill. The revised bill authorizes the Russian government to collaborate with the Bank of Russia to develop mining regulations for individuals, businesses, and mining pools. The document was initiated by a group of representatives from different factions led by Anatoly Aksakov, chairman of the State Duma's Financial Market Committee, and is expected to be reviewed at the meeting on July 23.

ChainCatcher news, according to Bitcoin News, the chairman of the Financial Market Committee of the State Duma of Russia, Anatoly Aksakov, stated, "Because Russia's cryptocurrency market is quite large, the main participants involved in cryptocurrency mining and circulation wish to regulate it, and they are willing to pay taxes. Therefore, I expect cryptocurrency regulations to become law in the first half of 2024."

ChainCatcher news, according to Blockworks, the Russian State Duma has approved a law on the introduction of the digital ruble. The State Duma guided the law through the necessary three readings, submitted it to the Federation Council, and ultimately submitted it to Russian President Putin for signing, pending Putin's approval. If approved by Putin, the Central Bank of Russia will become the operator of the digital ruble platform, and the law will take effect on August 1, 2023. (source link)

ChainCatcher news, the State Duma of Russia has approved the first reading of a draft law to establish a regulatory framework for the issuance of the Central Bank of Russia's digital currency (CBDC). Additionally, it has approved the first reading of a bill to amend the Russian Civil Code to define the digital ruble as "non-cash currency," and has established rules regarding wallet protocols and the inheritance of digital currencies. These two bills primarily address the regulatory gaps brought about by the digitization of currency.Both bills will now undergo review and will be finalized for a second reading based on feedback from lawmakers, which will take place in the coming months. According to the relevant draft laws, the Central Bank of Russia is established as the sole issuer of the digital ruble and is granted additional powers to ensure proper regulation. The digital ruble issued by the Central Bank of Russia will be regarded as the official representation of the country's currency, and all foreign digital currencies issued by the central bank will also be considered official national currency. This legislation establishes a foundational framework for the digital ruble, which includes the creation of a platform for issuing CBDC and the development of wallets for storing it, as well as defining the procedures for accessing the platform and the rules for participants. (source link)

ChainCatcher news, led by Anatoly Aksakov, the chairman of the Financial Market Committee, Russian lawmakers have submitted a legislative draft regarding the digital ruble to the lower house of the Russian Parliament, the State Duma. The document proposes legislative amendments aimed at creating conditions for the introduction of the digital ruble.According to the explanatory note of the bill quoted by the Russian business news portal RBC's crypto page, its main purpose is to develop the necessary payment infrastructure for the digital ruble. The initiators believe this will provide Russian citizens, businesses, and the state with fast, convenient, and low-cost money transfer services.It is reported that the Central Bank of Russia proposed the concept of the digital ruble in October 2020 and completed its prototype platform in December 2021. The pilot phase was launched this January. In May, the monetary authorities stated their plans to start testing real transactions and customers in April 2023. (source link)

ChainCatcher news, according to Vedomosti, the Russian Duma has begun drafting an amendment to create a national cryptocurrency exchange in Russia. Altukhov, a member of the State Duma's Economic Policy Committee, confirmed that a legislative amendment is being prepared to launch a national cryptocurrency trading platform. (source link)