A new set of measures comes in respect to the development of “Russian offshores” – and ones that will affect digital assets, according to latest crypto news from the Russian news agency TASS.
As the news from the agency show, the Russian Ministry of Economic Development is working on the third set of measures for the development of what’s known as “Russian offshores” or places where companies can be exempt from paying taxes or following relaxed regulations. This will include a special regulation of digital assets and shipping, according to the source.
The Deputy Minister of Economic Development of Russia, Ilya Torosov, told TASS that the special regulation of digital assets like Bitcoin encompasses cryptocurrencies entirely. As he reportedly said:
“It is clear that this is cryptocurrency, but for now we are speaking more generally. Concerning the time-frame for implementing the third set of measures, I am currently not ready to provide a response.”
A couple of weeks ago, the Russian President Vladimir Putin ordered the government to enforce crypto-related regulaton by July 1st, 2019. The instructions also require the legislation to include a regulatory framework for digital financial assets but also attract greater financial resources that are based on digital technologies.
On top of that, the Russian State Duma plans to review and adopt crypto regulations in March, while the former Energy Minister Igor Yusufov is also proposing an oil-backed cryptocurrency. All of this leads to Russia embracing the cryptocurrency climate in a good way.
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New Jersey Is Regulating Cryptocurrencies At State Level
“People see and hear about [Bitcoin] in their day-to-day lives, but most are not quite sure what it is. We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey.”The bill apparently requires crypto companies to disclose their terms and conditions for consumer accounts. As such, they will be protected by the Federal Deposit Insurance Cooperation (FDIC) as are traditional bank account holders. The US crypto regulation news also show that anyone applying would need to provide a schedule of fees and any information regarding the risks of investing in digital assets.
“With this legislation, consumers will be better-informed of the risks involved when investing in virtual currency.”This is what is new in the US crypto regulation news. What is important now is that with the introduction of a state-level licensing scheme, New Jersey would join its neighbor New York in requiring crypto firms to obtain special permission to operate - something that has been known as the BitLicense which the regulators in New York introduced in 2014.
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"A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment," the letter read.In the same letter, Chernyshenko said that the FSB insisted that some of the crypto-related proposals should be included in Russia's bill on digital financial assets, which is very likely to pass through the parliament this spring. If this occurs, we can see how Russia decides to ban cryptocurrencies. But before that, the FSB wants to identify all crypto owners in the country. For failure to comply with the upcoming law, the FSB is going to impose administrative and even criminal liability. While the FSB and the Bank of Russia reached an agreement on how to regulate crypto, the two departments would not concede on their intentions to independently influence the regulatory process. So far, the bank has not responded to the FSB proposals. What's also interesting in the altcoin news is that a BBC investigation from earlier this month showed that the FSB could be behind the disappearance of $450 million worth of crypto from an exchange platform. Meanwhile, the action on the market is the same and the market cap is at $280 billion while BTC's dominance is at 62.9%.
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