When it comes to Cryptocurrency Regulation News in different countries, Russia stands out for being the strictest. However, the latest developments have taken over global Blockchain Technology news. As if the restrictions on Bitcoin (BTC), Altcoin, and Stablecoins weren’t enough, now the country’s Federal Security Service (FSB) can obtain data from crypto platforms.
FSB has issued a draft order that allows its employees to access digital assets from various organizations, creating waves in the Russian Big Data and Blockchain industries. The agency is open to crypto market analysis experts to assist in drafting this order, which once passed will become a normative legal act in Russia.
This move comes in light of the amended anti-corruption legislation in the country. The amendment sees digital currencies like Bitcoin Cash (BCH), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Binance Coin (BNB), Polkadot (DOT), and Stellar (XLM) as properties. Thus, Russian citizens are required to show their crypto holding information in the income statements. This order is not limited to regular citizens alone, as last year saw government employees reveal their crypto assets, a rule extended to their family members.
Russian Cryptocurrency Regulation
Considering the way Russia has been cracking down on crypto mining and the use of currencies like ERC20 tokens and NFT – Non-Fungible Tokens, this is not surprising. Decentralized finance (DeFi) has received stricter regulation since the 2020 presidential decree on implementing laws on the use of Blockchain in FinTech, BaaS – Blockchain-as-a-Service, and Blockchain Mobile Apps.
With this development, Blockchain Applications and the use of Blockchain in the industry are bound to be affected. Will Russian citizens get any more crypto airdrops or be able to use crypto hardware wallets? Time shall tell.