Posts Tagged ‘Russia’

Cryptocurrency is Property in Russia, Justice Minister Confirms

A bankruptcy case involving a modest amount of bitcoin has sparked discussions in Russian legal circles. Some say a crypto is nothing more than “a set of characters.” Others, including Russia’s Justice Minister Alexander Konovalov, are categorical – cryptocurrency falls under the legal category of “other property.”  The question about the status of cryptocurrencies in […]

Russia’s Megafon to Create Fintech-Oriented Joint Venture with Gazprombank, Rostec

Megafon, the second largest mobile phone operator in Russia, announced that it would initiate a joint venture with Gazprombank, Rostec, and USM Holdings, to deploy digital projects, including those related to blockchain. The new company, called MF Technology, will help the partnering companies unite their expertise in various industries, like telecommunications, IT, financial services and […]

Moscow Court Blocks Telegram Chat App After $1.7 Billion ICO

A Moscow court ordered telecommunications companies to block Telegram in Russia after the chat app refused to grant intelligence authorities access to users’ encrypted messages, in a blow to the company just weeks after it raised $1.7 billion from investors. The Virgin Islands-registered company has over 9.5 million users in Russia. Telegram said last month […]

Russia Unveils ICO Regulations, Underpinned By The Ruble

Russia’s Ministry of Telecom and Mass Communications (MinComSvyaz) has prepared regulations for ICOs. The document is currently in the public discussion stage. Some of the most notable points in the document are: ICO organizers would be accredited for a period of 5 years; Accreditation is proposed to be voluntary and controlled by MinComSvyaz; ICOs must be registered […]

Russia Drafting Blockchain Legislation to Speed Up Adoption

The Russian government is developing a regulatory framework for the full-fledged use of blocking technology and may have the draft ready within months. Russia is one of the most active countries when it comes to blockchain projects. Currently, almost 10% of all ICOs come from Russia, according to Icobench. Read more

Cryptocurrency And ICO Laws Submitted To Russian Legislature

Two bills relating to cryptocurrencies and ICOs have been submitted to the lower house of Russia’s legislature, the State Duma. The titles of the bills are On Digital Financial Assets and On Alternative Ways of Crowdfunding. The development comes after the country’s Ministry of Finance and central bank reportedly reached a consensus on the topic of whether […]

Venezuela and Russia Are Collaborating on Cryptocurrency

Venezuelan Finance Minister Simon Zerpa Delgado met with Russian officials in Moscow the day after the petro launched, according to tweets published through his official account. While it’s possible that the meetings focused on other issues as well, the topic of the petro, which was launched late in February, came up. It remains unclear exactly […]

Russia Is Leading the Push for Blockchain Democracy

Using an existing program called Active Citizen, the city of Moscow has been allowing residents to cast votes for measures ranging from the name of their new metro train to the color of the seats in a new sports arena. But in an effort to soothe people’s concerns over whether to trust the city in […]

System to Guarantee ICO Investments Being Built in Russia

Globex, the commercial bank subsidiary of the government-owned development bank VEB (Vnesheconombank), is working together with the Russian Association of Cryptocurrency and Blockchain (RACIB) and its partner website Crowdhub to create the first system of guarantees for investments in cryptocurrencies in Russia. According to the project development plans, the system will “help investors to make […]

Russian Ministry Proposes Capital Mandates for ICO Organizers

Russia’s Ministry of Communications and Mass Media (Minkomsvyaz) has proposed a law that, if approved, would introduce a capital requirement for ICO organizers. One major element of the proposal is that ICO organizers must have at least 100 million rubles (or $1.73 million) worth of authorized capital and must be registered as a legal entity within […]