Andrey Tugarin, founder of the law firm GMT Legal,
Posted: Wed Jan 22, 2025 3:34 am
Market players also touched upon regulation issues. Cryptocurrency blogger and CEO of the Mister Sailer Media channel Radion Sailer believes that Web3 technology needs general regulation: "In the Web3 world, everything will be as modern as possible. But with its development, we will need regulation. First of all, it should deal with the issue of scam. That is, regulation should be for people. But at the same time, the regulator should not belong to one country, it should be a single world one. The regulator will be responsible for everything at once: coins, projects, various training academies and for the purity of the project. If it passes it, then the project works. If not, then the regulator can additionally conduct an internal security audit. So far, many people armenia whatsapp number database think that the regulator will work against people. But in fact, in the Web3 world, it will be beneficial. For example, it will be able to make a certain rating, thanks to which it will become clear where to invest. That is, as an investor, I open the list and see by the rating where and how things are. When registering on the exchange, you can check users, request their main wallet and see transactions. Unfortunately, it won't be possible to remain completely anonymous. In any case, we will have to play openly, move into the future. And only in this way will we be able to gain trust among other industries and achieve something more."
analyzed the regulation of the industry in the Russian Federation: "The law on the regulation of cryptocurrency in Russia has been in force since 2021. However, during this time it has become clear that stablecoins and many other cryptocurrencies do not fall under the regulation that we have. There were attempts to control taxation and cryptocurrency exchanges, to create recommendations for banks that work with cryptocurrency. As a result, there are indeed recommendations for credit institutions, which are reflected in four documents of the Central Bank of the Russian Federation and are restrictive and prohibitive in nature. They tell us that if a bank has identified a client's connection with cryptocurrency, it should treat this as something bad, which is very close to illegal activity. Banks have learned to do this. Under Federal Law 115, they can block transactions with cryptocurrency. But so far these are only attempts. In fact, this has not hindered the industry in any way. The same cryptocurrency exchangers continue to operate. This is absolutely legal. No sanctions are provided for the exchange. As a result, cryptocurrency can still be issued, mined, bought, sold, exchanged, used as an investment or savings, and even inherited."
analyzed the regulation of the industry in the Russian Federation: "The law on the regulation of cryptocurrency in Russia has been in force since 2021. However, during this time it has become clear that stablecoins and many other cryptocurrencies do not fall under the regulation that we have. There were attempts to control taxation and cryptocurrency exchanges, to create recommendations for banks that work with cryptocurrency. As a result, there are indeed recommendations for credit institutions, which are reflected in four documents of the Central Bank of the Russian Federation and are restrictive and prohibitive in nature. They tell us that if a bank has identified a client's connection with cryptocurrency, it should treat this as something bad, which is very close to illegal activity. Banks have learned to do this. Under Federal Law 115, they can block transactions with cryptocurrency. But so far these are only attempts. In fact, this has not hindered the industry in any way. The same cryptocurrency exchangers continue to operate. This is absolutely legal. No sanctions are provided for the exchange. As a result, cryptocurrency can still be issued, mined, bought, sold, exchanged, used as an investment or savings, and even inherited."