Russia Passes Bill for Digital Currencies
By Jamie Green – Cryptocurrency Expert
The Russian State of Duma has approved, in its third reading, a bill to address the regulation of digital currency and digital financial assets (DFA). This newly approved sector of the law, for the first time, provides a definition to digital currencies. According to the bill, the digital currency is a recognisable aggregation of the electronic data that has the capability of being recognised as a payment and investment method. As its own infrastructure, this financial status will be considered separate from the regulated economic unit of the Russian Federation or a foreign state.
It is worth noting that the digital currency cannot be used for the payment of any goods and services at the same time. The law states that cryptocurrencies, or DFA are digital obligations. According to their bill, these have the capacity to manage the execution of rights under securities and to claim transfer of securities.
You can buy and sell cryptocurrency within unique blockchain information systems. These networks and their operators must conform to all Russian laws and must register and record themselves with the Bank of Russia. The Central Bank will be the governing body for determining the protocol features of digital assets that will be accessed by a limited selection of qualified investors only.
This law will enable regulations for floating digital assets and cryptocurrency trading. The Central Bank has been granted the position to maintain this register of blockchain systems and those operating them. They will moderate the operators and supervise the sector as a whole.
You can visit BC Bitcoin’s Register page to set up an account to start buying and sellingBitcoin today. Get in touch with your trusted Bitcoin broker to learn more about Bitcoin investing.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards