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The Russian government has presented the concept of cryptocurrency regulation: what to change

Digital currencies will not be banned in Russia. The government supported the proposal of the Ministry of Finance and is going to allow the turnover of cryptocurrencies. The main conditions are strict market regulation and control of all transfers. This was reported in the press service of the government of the country.

The official document with the concept states that the Russian crypto market is multiplying. According to experts, more than 12 million wallets have been opened, and the volume of coins stored there is about $ 26 million. Also, Russia accounts for 11% of all bitcoin mining capacity, making it the third in the world, after the USA and Kazakhstan.

At the same time, the number of fraud and money laundering cases is growing. It is precise because of the lack of legislative regulation that it is impossible to effectively resist crime and protect the rights of investors and citizens.

The law on the regulation of digital assets will allow you to receive income from taxes, control all cash flows and altogether remove the crypto market from the shadow.

What does the Government offer?

Briefly about the main changes:

1. Complete centralization of the process. Digital payment processing operators will be banks with universal licenses. Their responsibilities will include full or partial identification of participants' identities in the exchange of cryptocurrencies for fiat, AML-verification of transactions, transaction tracking, storage of transaction data.

The bank becomes a vital participant in the exchange procedure — without its approval of the operation, it will be impossible to conduct a transaction.

2. Rules for Russian crypto companies. All exchange services must be registered as a Russian legal entity and entered into the corresponding register. All such companies must operate following the law “On Anti-Money Laundering and Countering the Financing of Terrorism.” To make exchanges, they must have a wallet in one of the banks.

3. Two groups of clients. All individuals will be divided into qualified and unqualified investors. Limits on operations will be set for the latter. Today it is not completely clear by what criteria it will happen. But the concept text mentions some kind of customer testing that the bank will conduct. This restriction does not apply to legal entities.

4. Rules for foreign services. Foreign exchange services and exchanges must have a representative office on the territory of the Russian Federation, as well as connect to the bank's systems so that their operations can be monitored. The function of services that do not disclose financial transaction data is prohibited.

5. Transactions of more than 600 thousand rubles will need to be declared.

6. Rules for clients. The client must open a bank account and pass identity verification to make an exchange. All financial transactions must be carried out exclusively between accounts or wallets opened in the bank.

7. State monitoring service. The concept of the "Transparent Blockchain" program was presented. It will monitor all financial flows, collect information about participants in the exchange procedure, detect illegal services and transactions, and register them in the appropriate database.

8. Revision of legislation. It is planned to adopt four laws. The changes relate to:
— taxation and declaration of transactions with cryptocurrency
— the introduction of administrative responsibility for illegal trafficking and acceptance of cryptocurrencies
— introduction of criminal liability for evasion of order and crimes involving the use of digital assets

On February 18, the text of the law should be submitted to the government for consideration. But there are no exact dates for its final adoption yet.


Hackers actively use NFT to steal cryptocurrencies

In 2021, collectible tokens were increasingly used in fraudulent schemes. With their help, hackers distribute malicious software, such as programs for crypto hacking and viruses that allow access to the victim's wallet. This was told by an ESET representative, an international computer security company.

Cryptojacking software (a virus that allows remote mining of cryptocurrencies using captured capacities) began to be distributed through infected applications and games related to tokens and trading. It can be either something original or a copy of an existing project. Once on the device, the virus runs a mining program in the background. Many malware immediately adds themselves to the antivirus exceptions and therefore can remain unnoticed for a long time.

Hackers are also taking advantage of the growing interest in NFT and "pay to earn" games. Images with a virus are uploaded under the guise of rare game tokens. When the user clicks on them, a window pops up asking them to connect to their wallet. If the victim logs in, all access to the wallet will go to the hacker.

For example, in September 2021, due to bugs on the most significant marketplace NFT OpenSea, attackers were able to steal accounts and cryptocurrency from users. Under the guise of tokens airdrop, images with a virus were uploaded to the platform. When a person received an NFT and tried to open it, a message appeared asking them to log in to the wallet. When the victim entered his data, the hacker could get full access to her account and withdraw money.

Earlier, the most frequent places for the spread of infected software were sites with torrents and resources with adult content.


Twitter Adds Ethereum Wallet Support to Tipping Feature

Twitter added the ability to donate Ethereum to other users.

The “Tips” service was launched in September 2021. But until today, it only supported fiat and bitcoin transfers.

The donation function allows you to support the creativity of other users, make donations, interesting finance startups, or simply congratulate your friends on an important date.

Twitter has integrated its own wallet, Strike, running on the Lightning Network to implement this project. This allows you to transfer money with minimal commissions and in a short time. Interestingly, Twitter itself does not receive any share of the tips.

You can enable this feature in the settings. In addition, you need to connect to one of the supported payment services or provide a wallet address.

Tips do not support literal ENS addresses. Also, this feature is only available to adults. Users under 18 cannot receive or send money to others.


The bear market will last until 2024 - The Huobi Global crypto exchange Director

A significant increase in bitcoin prices will occur only in 2024. This was stated in an interview with CNBC by the Huobi Global crypto exchange co-founder, Du Jun.

According to the businessman’s opinion, the BTC price always reacts to halving — a planned reduction in the reward for one block extracted by half. He noted that the first coin rate usually reached record levels the following year.

The last reduction of the award occurred in May 2020. And in November 2021, the price updated the historical maximum, reaching $ 68 thousand. The situation was repeated after halving in July 2016. The exchange rate rose to a record $20 thousand a year later, in December 2017.

It is impossible to accurately predict the state of the market in the long term because there are uncontrollable factors — war, the impact of the COVID-19 crisis, or a bad political situation.


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