Russia | ForkLog

ForkLog 10 12.11.2024

Russia’s Proposed Cryptocurrency Tax: Experts Weigh In

Participants in the crypto market require a clear taxation mechanism for asset trading, but high rates could stifle innovation. Authorities will struggle to monitor individual transactions until Russian exchanges are established. The crypto community is unclear about how much, to whom, and why they should pay. In Russia, work has resumed on a bill concerning […]

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ForkLog 25 12.11.2024

Russia Approves Tax Provisions for Bitcoin Transactions

On November 11, a government commission approved a draft amendment concerning the taxation of cryptocurrency transactions, as reported by Izvestia. The original document was prepared in 2020 and passed its first reading in February 2021. Work on it resumed following the implementation of mining regulations. Key Figures The bill designates digital currency as property and […]

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ForkLog 17 07.11.2024

Samara Authorities Seize 371 Bitcoin Miners from Local Enterprise

Police in Samara have shut down an illegal cryptocurrency mining operation located on the premises of a local enterprise, according to a report by the regional Ministry of Internal Affairs on their official page. Investigators revealed that the enterprise’s director, along with unidentified accomplices, purchased cryptocurrency mining equipment and installed it in rented premises on […]

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ForkLog 12 04.11.2024

Russia Issues First Conviction for Cryptocurrency Fraudsters

On November 1, the Smolninsky District Court of St. Petersburg found the director and three coaches of the “Escada Asset Management Business School” guilty of fraud, having stolen over 55 million rubles from citizens. This was reported by Kommersant. According to the case materials, the organization operated from January 2019 to April 2020. Robert Aloyan […]

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ForkLog 28 02.11.2024

Russia Imposes Energy Consumption Limit for Individual Miners

The Russian government has set requirements for miners and infrastructure operators involved in the extraction of digital assets, as reported by Interfax. The monthly energy consumption limit for individual miners without sole proprietorship status is 6000 kWh. Exceeding this limit necessitates registration as a sole proprietor to be included in the registry. Entities may be […]

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ForkLog 38 01.11.2024

Russia Launches Miner Registry

As of November 1, Russia has implemented a regulation establishing a miner registry under the Federal Tax Service. Deputy Anton Gorelkin shared details about the compilation of this list. The Federal Tax Service will effectively create two lists: individuals directly engaged in mining and operators of mining infrastructure who provide facilities for extraction. Only Russian […]

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ForkLog 8 30.10.2024

Russia to Impose Mining Ban in Select Regions

The Russian authorities are set to prohibit cryptocurrency mining in certain regions of the country. This was reported by TASS, citing a statement from Evgeny Grabchak, Deputy Head of the Russian Ministry of Energy. He attributed the decision to a shortage of electricity. “Currently, the deficit areas are the Far East, the southwest of Siberia, […]

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ForkLog 19 28.10.2024

Digital Financial Assets Market Reaches 316 Billion Rubles

In the first nine months of 2024, there were 470 issuances of digital financial assets (DFA) with a total volume of approximately 316 billion rubles. This was reported by RBC, citing a report from the rating agency Expert RA. According to analysts, over 98% of DFA issuances were simple monetary claims. Meanwhile, the average maturity […]

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ForkLog 17 28.10.2024

Teen Crypto Traders in Moscow Robbed of 1.36 Million Rubles

Four teenagers aged 17-18 fell victim to a robbery, as reported by the Telegram channel Baza. During the night of October 23-24, five unknown individuals, claiming to be police officers, broke into their apartment on Tsvetnoy Boulevard. They forced the teenagers to lie on the floor, searched the apartment, and stole a total of 1.36 […]

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ForkLog 10 26.10.2024

Putin Enacts Law on Digital Currency Regulation in Russia

Russian President Vladimir Putin has signed a law regulating the circulation of digital currency within the country. The document will come into effect on November 1, 2024. Control over the registry of miners is being transferred from the Ministry of Digital Development to the FTS. The latter will have the authority to remove companies from […]

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ForkLog 28 23.10.2024

Banks Face Significant Costs to Launch Digital Ruble

Commercial banks will need to invest between 120 million and over 200 million rubles to connect to the national digital currency platform, according to experts interviewed by Kommersant. This includes “costs for infrastructure, ensuring information security, application software, and integration work with existing internal banking systems. As the number of connected clients and transactions grows, […]

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ForkLog 11 23.10.2024

Russia to Employ AI in Tackling Bitcoin Crime

Russian law enforcement agencies plan to adopt new technologies to combat DeFi-related crimes involving virtual assets. This was announced by Russia’s Prosecutor General Igor Krasnov. The department has already established a unit dedicated to integrating artificial intelligence into prosecutorial activities and has approved a corresponding three-year plan. “Alongside digital currency, other types of virtual assets […]

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