Crypto adoption is shooting through the roof despite the bear market and uncertainty surrounding asset prices, according to recent findings from the leading decentralized application (dApp) analytics platform DappRadar. The analysis, dubbed the Blockchain Behavior Report, outlined major trends that affected the blockchain space in the last quarter, including regions where crypto adoption accelerated in both...Read More
The US-based cryptocurrency exchange – Kraken – joined the list of platforms restricting services to Russian consumers. The decision comes as a result of the latest sanctions that the European Union (EU) imposed on the largest country by landmass for its invasion of Ukraine. Other trading venues that have already ended ties with Russian users...Read More
On October 19, the United States Department of Justice (DOJ) accused two Venezuelan citizens and five Russians of using cryptocurrencies to launder money for Russian oligarchs by selling oil barrels from sanctions-hit Venezuela. According to the press release, the defendants smuggled millions of barrels of oil to Russia and China, laundering “tens of millions of...Read More
After CryptoCom, the crypto service platform – BlockchainCom – has announced plans to restrict Russia-based users. In an email to its users, the company notified that it will block the accounts of Russians. The move comes after the European Union’s (EU) eighth package of sanctions against Russia. According to the news agency RBC’s latest report,...Read More
A new study shows that over 18% of all crypto received by Eastern Europe comes from addresses associated with risky or illicit activity, far more than any other region. With the biggest news in the region being Russia’s invasion of Ukraine, both countries have seen a steady increase in cryptocurrency transfers. Prominent blockchain intelligence company,...Read More
The blockchain-based gaming company – Dapper Labs – stopped servicing all accounts with connections to Russia, but they are still able to access and view their non-fungible tokens (NFTs). The move comes as a result of the latest sanctions that the European Union imposed on Russia due to the ongoing military conflict with Ukraine. ‘Consistent...Read More
Pro-Russian outfits have resorted to digital asset funds in a bid to support the war efforts against Ukraine while evading international sanctions. A new report suggests that these groups are raising a massive amount of Bitcoin and other cryptocurrencies via crowdfunding campaigns. According to Chris Janczewski, head of global investigations at TRM Labs, the blockchain...Read More
The President of Kazakhstan – Kassym-Jomart Tokayev – said the authorities are ready to introduce a mechanism that will allow the converting of cryptocurrencies to cash if there is enough demand for such services. The positive tone toward the digital asset industry comes days after nearly 100,000 Russians entered Kazakhstan to escape the partial military...Read More
The Bank of Russia and the Ministry of Finance of the Russian Federation (MiFin) have agreed that crypto mining should be allowed only in certain areas. According to a new report by RBC-Crypto, Russian officials are preparing to legalize mining activity only in energy-rich regions and aim to ban the niche in energy-scarce ones. The...Read More
Russia is on course to launch its CBDC early next year and use the new currency in mutual settlements with China that has already tested its digital Yuan, a senior Russian lawmaker said in an interview. The move aims at reducing the US hegemony over the global financial system, media reports said. Russian CBDC to Take on...Read More
Former NSA contractor and famous whistle-blower Edward Snowden was granted Russian citizenship by President Vladimir, as reported by the state-run news agency TASS on Monday. His name was included on a list of 71 other foreigners who also became citizens. Snowden applied for citizenship alongside his wife in 2020 after receiving permanent residency rights, citing...Read More
After reconsidering its position on cryptocurrencies following the outbreak of the war, Russia is now looking to enable provisions for digital assets trading. Moscow Exchange, the largest exchange organization in the country, is looking to enable trading in digital financial assets (DFAs) and securities trading based on a set of bills currently being prepared. Per...Read More
Russia’s central bank and Ministry of Finance have agreed on legislation to enable cross-border payments using cryptocurrency, according to a report from the Russian outlet Kommersant on Wednesday. The policy change is reportedly intended to let Russian nationals access digital wallets. Taking Advantage of Blockchain According to Russian Deputy Finance Minister Alexei Moiseev, the bill...Read More
The United States Treasury Department added five cryptocurrency addresses to its sanctions blacklist. All wallets are connected to the Russian neo-Nazi paramilitary group – Task Force Rusich – that has participated in the Ukraine war. Prior to that, the Department sanctioned the Ethereum-based cryptocurrency mixer – Tornado Cash – and Blender.io (a software tied to...Read More
The leading global accounting firm – KPMG International – claimed in one of its recent reports that the cryptocurrency market has displayed growing maturity in the past several months. This comes despite the ongoing military conflict between Russia and Ukraine and the record inflation that spreads in some countries. It is also worth noting that...Read More
In a rather swift departure from its prewar crypto stance, the Bank of Russia is weighing in on the possibility of legalizing crypto for facilitating cross-border payments in the near future. As local news agency TASS reported, the country’s central bank and the Ministry of Finance have agreed that “it is impossible to do without...Read More
The United Kingdom’s Office of Financial Sanction Implementation (OFSI) has included “cryptoassets” in a list of assets that must be frozen if they belong to a person or company who is facing sanctions. These developments come as the list of sanctioned Russian entities continue to increase. Eye on Sanctioned Accounts, Breaches As per the new...Read More
Tornado Cash was added to the US sanctions list by the Office of Foreign Asset Control (OFAC) on August 8. Two days later, Alexey Pertsev, a coder tied to the crypto mixing service, was arrested by Dutch authorities. The blacklisting and the subsequent events sparked an outcry from privacy proponents, with many protesting and engaging...Read More
Accused crypto money launderer Denis Mihaqlovic Dubnikov has been extradited to the United States from the Netherlands to face charges in the District of Oregon. The US Department of Justice (DOJ) said Dubnikov was charged by a federal grand jury in Portland for his alleged role in an international crypto money laundering conspiracy last August....Read More
Tokyo-based online financial services company SBI Holdings will shut down its crypto mining operations in Siberia, Russia. The company argued that the war between Russia and Ukraine is among the reasons behind this decision. Pullout From Siberia The pullout decision was taken in view of the geopolitical uncertainty due to the ongoing Russia-Ukraine war and...Read More
The United Nations Conference on Trade and Development (UNCTAD) believes the impact of cryptocurrencies should be limited in developing nations. According to the agency, digital assets are unstable financial products that could cause further issues to already shattered economies. Amid the global monetary crisis, numerous residents of emerging countries chose to convert their depreciating fiat...Read More
Russian lawmakers recently approved a draft law that could possibly exempt digital asset issuers from making value-added tax payments. It has also established new tax rates on income earned through the sale of such assets. Russia’s New Crypto Legislation As reported by Reuters, the draft law was approved following second and third readings by members...Read More
Russian President Vladimir Putin recently blamed the United States and other G7 countries for causing rampant inflation in global commodities markets. Under these circumstances, he predicts the world will start to transition its reserves away from sovereign debt into “real resources,” deepening the commodity inflation spiral. End of a Unipolar World The President aired his...Read More
U.S sanctions against Russia have played a role in the adoption of cryptocurrencies in the European country, causing oil companies like the giant Gazpromneft to look for new ways to exploit natural resources —this time for cryptocurrency mining. On June 16, Gazpromneft, a subsidiary of Russian oil and natural gas giant Gazprom, announced a 2-year...Read More
Legislation to prohibit payments using crypto-assets sponsored by the Financial Markets Committee of the State Duma Anatoly Aksakov has passed through the first reading. Inconsistencies in the Bill According to a report by the state media, the official document recommends an obligation for digital asset exchanges, referred to as “DFA exchange operators,” to decline transactions...Read More
The head of the Russian parliament’s lower chamber (State Duma) – Anatoly Aksakov – presented legislation focused on cryptocurrencies and their employment inside Russia’s borders. If the bill gets approved, “digital financial actives” (DFA) won’t be accepted as a means of payment for any type of products or services inside the country. Scrap Crypto, the...Read More
Russia is reportedly considering allowing cryptocurrencies to be used as means of international payments. This comes at times when the country is under heavy scrutiny from almost all western countries. According to a Reuters report, Russia is mulling, allowing cryptocurrencies to be used for international payments. The idea of using digital currencies in transactions for international settlements...Read More
China outlawed Bitcoin mining last May. Exactly a year later, the country has re-emerged as the leading venue for mining operations. A new study revealed underground mining activity in the country had catapulted it to second place globally in terms of installed mining capacity. China’s Apparent Comeback Cambridge Centre for Alternative Finance (CCAF) reported the...Read More
BitRiver – Russia’s largest data center services provider – is pondering over filing a lawsuit against the US Treasury Department for adding the company to the sanction list last month. Besides, the firm accused the US of breaching WTO rules through the act of promoting unfair competition and lobbying for the US mining industry. BitRiver...Read More
With the West leading the fight with sanctions, a US-based company – Compass Mining – is planning to sell around $30 million in Bitcoin mining equipment located in Siberia. The move to liquidate the Bitcoin mining rigs comes after the United States government imposed fresh sanctions on the mining operation BitRiver and ten subsidiaries. Averting...Read More
