Russia's parliament has passed a bill allowing companies to use cryptocurrency for international trade.
This move aims to strengthen trade relations and navigate around Western sanctions.
Additionally, cryptocurrency mining has also been legalized, waiting for secondary readings. This law is expected to live from September 1st, 2024:
#Mining and #crypto just been legalized in #Russia. Waiting for the secondary readings (with our comments, etc) and it will go live. Likely from September 1st, 2024 🔥🔥🔥 pic.twitter.com/GVJrPBhbxH
— Anti Danilevski (@AntiDanilevski) July 24, 2024
The law is now set to be ratified by the upper parliamentary house. It will then be signed into law by the President’s office.
After the law is implemented, miners will need to report information about suspicious-looking crypto transactions to Rosfinmonitoring, the nation’s anti-money laundering agency.
Russian news outlet Vedomosti also quoted one of the bill’s authors, the lawmaker Anton Gorelkin, as saying the draft law will be “fully adopted before the end of the Duma’s spring session.” The Duma’s current session wraps up on August 5.
Vladimir Putin recently pointed out that the uncontrolled increase in electricity consumption for Bitcoin mining could lead to electricity shortages in some regions, leaving new businesses, residential areas, and social facilities without supply. He also mentioned that this could delay promising investment and infrastructure projects.
Despite his remarks, it appears that the Russian State Duma has accepted that cryptocurrency should be regulated properly, rather than banning them outright.
The U.S. Securities and Exchange Commission’s (SEC) crypto task force, led by Commissioner Hester Peirce, is continuing its behind-the-scenes engagement with digital asset firms as the agency weighs new approaches to crypto regulation.
In a major policy shift, the Federal Reserve announced on Thursday that it will no longer require state-chartered member banks to notify the central bank before engaging in crypto-asset activities.
A new report by the Bank for International Settlements has reignited the clash between traditional financial authorities and the crypto world.
Federal Reserve Chair Jerome Powell has hinted that U.S. banks may soon see more flexibility when it comes to handling digital assets—a notable shift from the cautious approach regulators have maintained in recent years.