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Russia Wants Citizens to Declare Wallet Addresses, Transactions

The Russian Ministry of Finance has suggested changes to criminal law punishing undeclared crypto wallets holding more than 1 million rubles ($13,000, at press time). This comes as Russia increases regulation of crypto assets with sometimes contradictory statements. Fine then… fine The Russian Federation’s financial regulator has proposed a new version of crypto regulation law, […]

The post Russia Wants Citizens to Declare Wallet Addresses, Transactions appeared first on BeInCrypto.



The Russian Ministry of Finance has suggested changes to criminal law punishing undeclared crypto wallets holding more than 1 million rubles ($13,000, at press time). This comes as Russia increases regulation of crypto assets with sometimes contradictory statements.

Fine then… fine

The Russian Federation’s financial regulator has proposed a new version of crypto regulation law, Russian business newspaper Kommersant reported on Sept. 24.

Two sources told Kommersant that the ministry plans to make laws that control digital assets stricter. This new law would make lying to the government about crypto assets a criminal offence.

The new rules comes with harsher punishments, too. Undeclared crypto assets worth more than 1 million rubles ($13,000) could land a holder three years in jail. Thus, the law could end the anonymity of crypto wallet addresses.

The new regulations would obligate both individuals and corporations to declare all income from crypto assets tallying over 100,000 rubles ($1,300) to the Federal Tax Service of Russia. Violating the law would result in a 50,000 ruble ($650) fine or 30% of the crypto assets, whichever is higher.

The method by which offenders could be discovered and how the Tax Service could confiscate the funds remains unclear.

Give it Time

Russian citizens have some time to get their ducks in a row. If adopted, the law would give crypto holders until April 30, 2021, to declare their assets, according to Dmitry Kirillov, a tax attorney with Bryan Cave Leighton Paisner LLP.

The declarations are not limited to private Russian citizens and companies. Under the new law, foreign exchanges, exchange services, and custodians must present quarterly reports to the Russian Tax Service.

Confusing Tax Laws

This is not the first proposed change to crypto tax laws in Russia. On Sept. 3, the Ministry of Finance proposed laws that would make receiving mining rewards illegal, while leaving mining within in the law. The proposal also would make crypto transactions illegal except in a few cases, such as bankruptcy or inheritance.

Overall, the Russian crypto community has reacted negatively to these legal propositions. BeInCrypto Russia reported that the president of the Russian Association of Cryptoindustry and Blockchain felt crypto should be seen as a growth industry in Russia, rather than an excuse to take away citizens’ rights.

Sergey Gustun, a Russian tech developer with trading platform 3commas, reacted on Twitter. He couldn’t picture crypto exchanges complying with new legislation. “Google hasn’t given a s— about our laws for years. Why would Binance?,” he said.



Trading Technologies Signs Applied Derivatives in South Africa

Based in Cape Town, Applied Derivatives provides clients with access to equity and currency derivatives listed on the JSE.



Chicago-based Trading Technologies International, a global provider of trading solutions, today announced in a joint statement with Applied Derivatives PTY LTD a new partnership to distribute its flagship TT trading platform in South Africa.

The TT platform provides market access and trade execution through the software-as-a-service (SaaS) delivery model. In addition, the solution provides access to major international exchanges and liquidity platforms.

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The platform already serves a wide variety of users, including proprietary traders, brokers, money managers, CTAs, hedge funds, and commercial hedgers, and risk managers.

Based in Cape Town, Applied Derivatives is a securities trading and brokerage firm that provides clients with access to equity and currency derivatives, including futures and options, listed on the JSE Derivatives Market.

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TT Extends Connectivity to Johannesburg Bourse

Trading Technologies is already offering connectivity to the Johannesburg Stock Exchange (JSE), the largest stock exchange in Africa, via its TT® platform. The JSE was founded in 1887 to facilitate the explosion of trade sparked by the discovery of gold. The exchange lists more than 500 stocks, with mining companies making up one-third of those stocks.

Designed specifically for professional traders, TT now allows global user base to trade all derivative products listed on South Africa’s main bourse. The platform incorporates a wide range of customizable tools to accommodate trading strategies across equity and currency derivatives. TT’s full suite of tools also includes functionality for charting and analytics, mobile trading, options, FIX services, and API development.

Commenting on the news, Steve Stewart, Managing Director, Sales EMEA at Trading Technologies said: “We are very happy to be bringing the TT platform into South Africa for the first time through this partnership with Applied Derivatives. They are leaders in the region, with a focus on providing their services to large financial institutions, hedge funds and other professional trading organizations. We look forward to expanding our reach in this important part of the world through this collaboration with the Applied Derivatives team.”

“We are excited to partner with Trading Technologies to provide access to the South African listed derivatives market for our international clients. The software and infrastructure that TT offers are ideal for our clients,” added Marilet Tait from Applied Derivatives.

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Ripple Price Analysis: XRP Crashes To 3-Month Low Against Bitcoin, What’s Next?



XRP/USD – Bulls Remain Inside Symmetrical Triangle Pattern

Key Support Levels: $0.237, $0.23, $0.228.

Key Resistance Levels: $0.251, $0.261, $0.271.

XRP has not been outperforming over the past seven days, but it remains inside the boundaries of a symmetrical triangle. The coin failed to break the upper boundary last week, which caused it to head into the support at the lower boundary.

It rebounded at the lower boundary but has struggled to remain above the 100-days EMA at around $0.243. XRP spiked higher yesterday and over the past hours, but the bears have banded together to suppress the price beneath the 100-days EMA.

The next direction for XRP will be dictated by the direction in which price breaks the symmetrical triangle, as shown in the following chart. A break toward the upside would result in XRP heading higher toward $0.26, but a break to the downside could see XRP heading back toward $0.215.

XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, the first level of resistance is located at the 100-days EMA. Above this, resistance lies at the upper boundary of the triangle, at around $0.251, where the bearish .382 Fib Retracement level lies.

Above this, resistance is located at $0.261 (bearish .5 Fib Retracement), $0.271 (bearish .618 Fib Retracement), and $0.28 (1.414 Fib Extension).

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at $0.237 (200-days EMA), $0.23, and $0.228 (.618 Fib Retracement).

From a technical standpoint, the Stochastic RSI has produced a bullish crossover signal in oversold territory, which could lead to some positive momentum.

XRP/BTC – Is XRP Heading Beneath 2000 SAT?

Key Support Levels: 2050 SAT, 2022 SAT, 2000 SAT.

Key Resistance Levels: 2100 SAT, 2142 SAT, 2200 SAT.

XRP struggles heavily against Bitcoin after it dropped beneath the 2100 SAT level today to create a fresh 3-month low at the 2057 SAT level. The last time XRP/BTC was at that low was on July 28, 2020.

At the start of October, XRP attempted to push higher against BTC but was stalled by the 200-days EMA at around 2400 SAT.

From there, XRP headed lower throughout the month to reach 2057 SAT today, and it is likely to head further still.

XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, the first level of support lies in the 2050 SAT area (downside 1.414 Fib Extension). Following this, support lies at 2022 SAT, 2000 SAT, and 1975 SAT.

On the other side, the first level of resistance now lies at 2100 SAT. Above this, resistance is expected at 2142 SAT, 2200 SAT, and 2250 SAT.

Both the RSI and Stochastic RSI are in extremely oversold territory, suggesting that the sellers are slightly overextended at this point.


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Bitcoin Price Will Skyrocket as Markets Riddled by Election Uncertainty, Analyst Says



Octavio Marenzi, founder and CEO of capital markets consultancy firm Opimas LLC, recently predicted that the current economic situation will shoot Bitcoin’s price “through the roof.”

Simultaneously, he suggested that the traditional financial markets will suffer as the COVID-19 fears grow.

Opimas CEO: Bitcoin Will Shoot Through The Roof

Appearing on RT’s Boom Bust, Marenzi was asked about the current state of the financial world and his prediction by the end of the year. He seemed somewhat cautious in providing precise numbers. Nevertheless, the CEO of Opimas outlined four factors that he believes drive the markets now.

According to Marenzi, those are the growing spread of the coronavirus, the stimulus deal proposed by the US government, the Federal Reserve’s policy, and the 2020 US presidential elections. He emphasized the importance of the upcoming vote as “people are starting to get nervous about that.”

The elections’ unknown developments could lead to a “messy” outcome, resulting in even more concerns among investors. Such circumstances could prompt severe price drops within traditional financial assets. However, Bitcoin might emerge as the winner.

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“There’s a substantial chance that it’s going to be a contested election and will be very, very messy indeed. We will see the markets overall trending down, while things like Bitcoin shooting through the roof.”

Opimas CEO Octavio Marenzi
Opimas CEO Octavio Marenzi. Source: CNBC

COVID-19 Second Wave To Damage The Markets?

Once reports started emerging in early 2020 that a new virus coming from China was infecting people, the financial world took a beating. The worst came in mid-March during the so-called liquidity crisis, which saw massive price slumps among all assets.

The markets have mostly recovered since then, but the COVID-19 pandemic hasn’t disappeared. In fact, it seems that the dreaded second wave has just begun to develop. The number of confirmed cases grew above 40 million on Monday.

Several countries, mostly in Western Europe, have brought back some of the strict restrictions. Those include even full lockdowns.

Apart from health concerns, this also raises worries among investors. Bitcoin was not exempt from the first price drops, as it plummeted by over 50% in a day.

However, BTC is among the best-performing assets on a yearly-scale, with its 65% increase. Should Marenzi’s words materialize, the primary cryptocurrency could see even further long-term price appreciation.


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