Cryptocurrency exchange Binance told Reuters that it was committed to working with regulators and hoped that the release of the report would generate a dialogue with the central bank on protecting the interests of Russian cryptocurrency users. While some countries have not specifically outlined a strategy with respect to cryptocurrencies, others have decided to ban these assets altogether. It passed a financial law that prohibits the use of cryptocurrencies and made it illegal to buy, sell, use or hold virtual currencies. The exchange of cryptocurrencies for rubles and foreign currencies is allowed, but only through licensed traders.
From the roller coaster ride of Bitcoin, Ethereum, Dogecoin, Shiba Inu, etc., to the NFT rush affecting the whole world, cryptocurrency news has been in the headlines from time to time. Russia has argued for years against cryptocurrencies, saying that they could be used in money laundering or to finance terrorism. But neither has the journey been easy nor does the future seem less uncertain for the global crypto industry. According to the published Official Gazette, the Central Bank of Turkey stated that cryptocurrencies and other similar digital assets based on distributed ledger technology could not be used as a payment instrument, either directly or indirectly.
The ban in Algeria is due to concerns expressed by parliamentarians that cryptocurrencies are mainly used to carry out illegal activities such as financing terrorism, drug trafficking, money laundering and tax evasion, says the Baker McKenzie report. In addition, FinCEN is developing regulations for financial and non-financial institutions to set national priorities for cryptocurrency tracking and reporting. Any entity that manages or exchanges Bitcoin, such as cryptocurrency exchanges and payment processors, falls within the definition of a money services business (MSB). No restrictions on cryptocurrency possession are foreseen, said Elizaveta Danilova, head of the central bank's financial stability department.
The Financial Market Authority (FMA) has warned investors that cryptocurrencies are risky and that the FMA does not supervise or regulate virtual currencies, including bitcoin or cryptocurrency trading platforms. Previously, Chinese officials had also repeatedly issued warnings against cryptocurrencies, instructing their citizens to stay away from the digital asset market. Even Russian President Vladimir Putin has repeatedly linked cryptocurrency to criminal activity, calling for greater attention to cross-border crypto transactions in particular.