Russia will legitimize ICO and cryptocurrency

President Vladimir Putin gave instructions to the government to make amendments to legislation that legitimize cryptocurrency
24 October 2017   891

The statements concerning future policy towards cryptocurrency in Russia appeared on October 21 on the official website of Kremlin.

The orders made by President of Russia Vladimir Putin are concerned with new legal regulations which will be applied to cryptocurrency in Russia. The instructions aim at establishing a plan to use cryptocurrency technology to create a unitary payment space with the Eurasian Economic Union, and making a special system for cryptocurrency miners to register and pay taxes on a profit they make.

Moreover, the instructions mention creation so-called "sandbox", which will allow companies to test products under limited conditions.

The Government of the Russian Federation, in conjunction with the Bank of Russia, shall ensure that changes are made to the legislation of the Russian Federation providing for...[the] determination of the status of digital technologies used in the financial sphere and their concepts (including such as "technology of distributed registries", "digital letters of credit", "digital mortgage", "crypto-currency", "token", "smart contract") based on the obligation of the ruble as the only legal tender in the Russian Federation.
 

Official list of instructions on the use of digital technologies in the financial area

All the instructions should be put through by the government and Central Bank by July 1, 2018.

MEW to Launch KYC-less Crypto Withdrawal

Service is available in Euro and Francs to all bank account holders with an international bank account number (IBAN)
21 February 2019   77

MyEtherWallet, a popular cryptocurrency wallet, in collaboration with the Swiss company Bity, introduced the Fiat service, which allows you to exchange digital assets for euros and Swiss francs without verification.

It is noted that the service is available to all bank account holders with an international bank account number (IBAN).

Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.
 

MyEtherWallet Team

To use Exit-to-Fiat, the user must specify Bity as the service provider in the asset exchange section. You will also need to provide a phone number, bank account details and a billing address.

This information is transmitted to Bity to comply with legal requirements and is not stored by MyEtherWallet.

The maximum transaction size is limited to 5,000 francs (about $ 5,000).