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   1397

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. 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   210

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.