Russia moves forward to legislation to regulate crypto

Russia to ban cash withdrawals via anonymous electronic means of payment and to control over supply & mining 
18 October 2017   1078

It seems like the majority of countries have already realized the inevitability of popularization of cryptocurrencies among the masses. While countries slam their doors in front of the brand new technology, the others give the cryptocurrencies the green light. Now the whole world is waiting for one of the most influential countries, Russia, to have its say.

For now, there are several news on the subject came from the country.

One of it is that Russia is to ban cash withdrawals via anonymous electronic means of payment. The draft federal law was introduced by the Ministry of Finance of Russia. The bill is aimed at improving control over anonymous payments made by individuals using non-personal electronic means of payment. As for the remaining funds, they be transferred to the account of a legal entity, an individual entrepreneur, to the account of that individual, as well as to fulfill his obligations to the credit organization, as detailed.

The anonymous electronic means of payment, that is, various Internet wallets, nonpersonalized bank cards where the owner's name is not indicated are often used to cash out money, and money of criminal origin in particular: laundered capital, bribes. It is almost impossible to trace the final recipient <...> The money circulate must be absolutely transparent, it has to comply with the requirements of Russian legislation and conventions to combat money laundering. That's why withdrawing cash from anonymous cards or wallets will be prohibited.

Dmitry Medvedev
The Prime Minister of Russia

The bill has been reviewed and approved at a meeting of the Government of the Russian Federation on October 12th, 2017.

Yet another significant thing is that, according to the Russian President Vladimir Putin, Russia will issue its own ‘CryptoRuble’ (the news broke through Minister of Communications Nikolay Nikiforov). Today, it appeared that The Ministry of Communications of the Russian Federation has prepared a Government Decision on the technological implementation of the national cryptocurrency release. A decision on its issue and regulation will be made by the Bank of Russia and the RF Ministry of Finance. Thus, the head of the Ministry of Communications considers it necessary to provide state control over the issue of national cryptocurrency, however, private business is to be able to participate in creating an ecosystem.

It's noteworthy that China's PBoC is also speculated to create state-sponsored cryptocurrency and to be the only emissary of it. Whether Russia is following in the China's footsteps, remains to be seen. 

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   110

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.