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Russian government plans to view cryptocurrency mining as a business activity

The chairman of the financial markets committee of the Russian Duma, Anatoly Aksakov, announced that the government plans to consider the search for digital currency in the category of business activities. On the sidelines of the Moscow Financial Forum, Aksakov highlighted upcoming changes in the regulation of virtual currencies, including issues related to mining and emissions caused by trading digital currencies.

Furthermore, by registering all cryptocurrency processes as business activity, you will also be subject to state tax policy. “Since this is a type of business activity, it is of course necessary to enter it into the registry, assign a code corresponding to it as a type of business activity and introduce taxes,” Aksakov told the Russian newspaper TASS.

Russia wants to enlighten through regulatory policy The chairman of the financial market committee of the Duma emphasized the importance of educating citizens about the terminology of the digital currency market. He said that these regulations would draw a clear line between the central bank’s digital currency and the decentralized system’s virtual currencies. Aksakov argues that digital currency is not just a payment method, but a financial company that is used as an investment vehicle. He supports the importance of designing a structure for digital currency differences and their respective values.

“There is a central bank digital currency and there is a digital currency that is actually likely to be understood as a cryptocurrency, and the boundaries of these concepts need to be clearly defined so that there is no confusion … discuss the fact that the currency Digital is actually now, although we call it money, it is used more as a financial instrument, a financial asset that is an investment object, rather than a means of payment, ”added Aksakov.

Cryptocurrency penetration in Russia Crypto regulations are not Russia’s first step in cracking down on the democratic nature of digital currencies. Last month, Russia’s Federal Financial Supervisory Authority, Rosfinmonitoring in Moscow, ordered the latest tracking system to track cryptocurrencies. This system aimed to analyze the behavior and movements of merchants in order to de-anonymize their identity.

Singapore, South Africa, the latest countries to warn of Crypto Exchange Binance

The list of regulators warning that Binance is operating illegally in their jurisdictions continues to grow. The authorities in Singapore and South Africa recently warned that global cryptocurrency exchanges could violate their local laws.

South Africa’s Financial Sector Conduct Authority warns of Binance

The South African Financial Regulator released a notice on Binance on Friday stating:

The Financial Sector Conduct Authority (FSCA) advises the public to be cautious and vigilant when dealing with Binance Group as it is not authorized to provide financial advice or brokerage services as defined in the Financial Statements Act, Intermediary Services and 2002 Financial Advisory. to be issued (FAIS law) in South Africa.

The release describes the Binance Group as “an international company based in the Seychelles that has a pool of telegrams that members of the South African public can join to access their cryptocurrency exchange platform”.

In addition, the regulator stated that “cryptocurrency-related investments are not currently regulated by the FSCA or any other body in South Africa”.

The Monetary Authority of Singapore (MAS) has asked Binance to stop providing payment services

Binance is also struggling in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank that oversees the country’s cryptocurrency sector, released a statement on Binance on Thursday saying:

MAS has reviewed the operation of Binance.com and believes that Binance, the operator of Binance.com, may be violating the Payment Services Act.

The central bank added, “Binance is required to cease providing payment services … to Singapore residents and to encourage Singapore residents to engage in such activities.”

MAS also added Binance.com to its investor warning list, warning consumers that the company is not licensed to provide payment services in Singapore. Binance Asia Services (BAS), a separate entity that operates Binance.sg, has applied for a license from the central bank.

Binance announced last week that it had hired a former regulator as the new CEO for its Singapore operations. Binance is committed to becoming “a leader in regulatory compliance” on its way to becoming a financial services company.

The global crypto exchange has recently become the subject of many regulators, including in the UK, the Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong and Lithuania. They claimed Binance operated in their jurisdictions without authorization.