Russia plans to oversee cryptocurrencies

nRally Commentary: Russia proposes a new regulation aimed at regulating and controlling the production of cryptocurrencies and digital assets in the financial sector, identifying regulatory requirements for cryptocurrencies, ICOs, mining and trading, helping curb illegal activities and enabling robust cryptography Monetary tax system. The MOF believes that proper supervision will help the company successfully sell tokens under the protection of law. I believe more and more countries will use various ICO regulatory policies to attract the encrypted currency enterprises and promote economic development. Germany and France also proposed to discuss monetary regulation at the international level.n
nTranslation: Annie_Xun
Russia drafted a draft law on the regulation and production of cryptocurrencies and digital assets.n
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Regulate cryptocurrenciesn
Russia proposed a new regulation aimed at regulating and controlling the production of cryptocurrencies and digital assets in the financial sector. The newly proposed legal framework will define exactly the regulatory requirements for cryptocurrencies, ICOs, mining and trading. The regulation also aims to curb illegal activities that may be linked to cryptocurrencies.n

The ministry said the new rules will reduce the risk of fraud and create a more stable system of cryptocurrency levies. It is worth mentioning that the new regulations will limit the maximum ICO investment for unregistered investors to 50,000 rubles, or about $ 889. Reports show that the Russian central bank that the new laws and regulations are not strict enough.n
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Boost the Russian economyn
For months, bitcoin and cryptocurrencies have become major issues for governments and regulators. By the end of 2017, the Belarussian government officially confirmed the legalization of cryptocurrencies and exempted cryptocurrency-related activities for the next five years. Analysts believe more countries in the world will make laws conducive to the encryption of money businesses, attract companies and boost national economic activity.n
ICO is already under the control of global regulators. Russia’s new legal framework will require all entities planning to conduct ICO to meet all regulatory requirements. The Treasury believes the new ICO regulatory rules will make it easier for companies to organize tokens while they follow the necessary laws. Germany and France have also proposed to discuss bitcoin and other cryptocurrencies regulation at the G20 meeting in Buenos Aires, Argentina.n

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