Russian lobby group campaign against anti-crypto laws

Crypto fans believe that the current laws regarding the Crypto space are not good enough to fulfill the market needs.

Share

Feeling the need for more helpful regulations, a group of Russian activists have embarked on a campaign to fight against the regulatory laws that they find hindering the adoption of cryptocurrencies in that country. For this end, this group developed a platform to fight against the adaptation of the laws, said Digital Rights Center on Tuesday, that hinders the cryptocurrencies and digital assets turnover in Russia.

These activists we're not alone in this moment and there were other members such as the Russianwide public organization Investment Russia , the Commission on Blockchain Technologies and Digital Economy, and the nonprofit organization RosComSvoboda.

This initiative which is referred to as the “Public initiative of the crypto community in Russia, maintains that the present regulations and laws of the digital currencies do not fulfill the needs of the market in Russia.

The group also said that “New laws complicate the use of cryptocurrencies in Russia and slow down the development of the distributed finance market,” The activists have also mentioned that the Russian laws and regulations do not allow you to use the cryptocurrencies as a payment method and that there are huge penalties and punishments like prison for those who fail to report report their holdings of the crypt.

Furthermore, a petition has been launched which aims at Russian regulatory bodies such as the Ministry of Economic Development, the Bank of Russia, the Ministry of Finance, the Federal Taxation Service and the Russian State Duma Committee on Financial Markets. Through this petition the group has requested the regulatory bodies in Russia to revisit the regulations about crypto, especially about the four crypto-related regulatory initiatives as well as their new plan for taxation in which the government I will ask the stickers and to to inform the official of their crypto holdings.

Categories

Cryptocurrency(5)

Latest News

ADA stands at $2 prior to Cardano smart contract announcement

Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract. ...

SEP 13, 2021

The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network

In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer. ...

AUG 12, 2021

$600 million was stolen in an exploit on Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. ...

AUG 10, 2021

Bitcoin breaks $43K and crypto fans are optimistic once again after months of stress

After weeks of wait, finally, the crypto market rises from its ashes and breaches the $43K level, and records the highest price in the last months. ...

AUG 06, 2021

Tags

Cryptocurrency

Cryptocurrency Regulations

Tags

Cryptocurrency

Cryptocurrency Regulations