Online Casino Regulation in Norway: Overview and Perspectives

If you ask an expert about Norwegian gambling legalization, Norway will say that gambling is almost illegal.

There are plenty of ways to avoid Norwegian inefficient and outdated laws and play real money games.

Norway offers some gambling options, which only supports the gaming policy, which is a gaming policy of gambling, preventing the interests of private companies, and preventing financial fraud. 。

Norway emphasizes gambling, which is more responsible than any of Nordic countries. Norwegian lawmakers agree that real money games should be strictly regulated to prevent gambling addiction and problem gambling.

Needless to say, the Norwegian gambling method requires revision, but only the Minister of Culture has the authority to do this.

Despite the harsh gambling method, Norway is the third largest gambling country in Europe, and the number of Norwegians registered on overseas online casinos and sports betting sites is increasing.

Gambling Monopoly in Norway

Gambling is a Norwegian two stat e-owned companies monopolized: Norsk Rikstoto and Norsk Tiping. The latter offers sports betting, lottery games, keno, and many other opportunities games.

Located under the complete management of the Norwegian culture and the Ministry of Church, the game rules such as the length of the game session, the time of gambling service, and the bet limit are formulated. The former is the only company in Norway that can provide betting services.

Gambling Laws in Norway

The Norwegian gambling method allows residents to hold no n-profit gambling parties at private venues. The only Norwegian and legal real money game is provided by stat e-owned NORSK TIPPING.

Norway wants to protect the monopoly of gambling, despite the opposition of the European Union.

The government is taking all necessary means to prevent foreign companies from stepping into their own jurisdictions.

In 2010, it was enacted that it was illegal for banks in their own country to process gamblin g-related funds.

Norway cannot stop registering in an online casino or online poker room, but is obliged to declare the prizes obtained by gambling and pay taxes.

The following is the most important gambling method of Norway:

1. Gambling: The law, which was enacted in 1992, has given Norsque Tiping a monopoly to provide football games and lottery games to betting on a lottery game under the strict supervision of the Ministry of Culture and Church.
2. Lottery method: This law, which was enacted in 1995, is a comprehensive law that properly defines and explains various real money games, including lottery games. Under the law, private companies and individuals can operate no n-profit game events organized to provide funds to social principles.
3. Totalister Law: This law, which was enacted in 1927, has given the Norsque Lixot Foundation a monopoly to provide betting services under the strict supervision of the Ministry of Agriculture.

If you are interested in legal gambling in Norway, please note the following:

• In Norway, the legal age to play real money games or sports gambling is 18 years old.
• The MGA casino site with a Malta license is the most popular overseas casino (compared to online casinos with a curasso license).
• However, there is no legal age to play a scratch card.
• In Norway, foreign companies cannot advertise gambling products.
• Norwegian gambling companies, which are developing gambling businesses in foreign countries, must advertise their products and services only on foreign magazines, radio, and TV channels.

Slots in Norway

The story of slots in Norway is very interesting. The treasure lottery enacted in 1995 has legalized the operation of slot machine games and play in real money.

However, the law was quite inadequate to respond to the development of technology that created an attractive fiv e-reeled slot machine game with bonus functions and wonderful graphics.

Norwegian people were very interested in slots, and slot sales exceeded 26 billion Norweglone by 2004.

This was a bigger growth compared to the small number of Norweglone in the early 1990s, which was only a part of the total sales of the treasure game industry in the treasure game industry.

The Slot Industry grew quickly and without stopping, as the existing Norwegian law was too weak in the slot industry.

The lottery law allowed only charitors to provide slots, but could not regulate private companies that provide slots for charity and hold a certain percentage of profits.

As a result, Norwegian lawyers had to enact better laws to suppress the growth of the gambling industries that had increased gambling addicted patients.

A bill was introduced in 2003, but slot companies fought it in court and prevented it from passing. Finally, Norway banned slots in 2007 and introduced interactive video terminals in 2009.

However, they never became as popular as slots because they lacked appeal and were not player-friendly. Moreover, you needed a card to play.

Since Norway does not allow slots, many Norwegians are interested in playing slots in online casinos abroad.

Online Gambling in Norway

Norway has strict gambling laws, but they are not enough to accommodate online gambling.

Norwegians love playing in online casinos so much that the need for effective online gambling laws is great. Online gambling is even more popular because there are no land-based casinos in Norway.

Operators are coming up with their own ways to escape Norwegian jurisdiction and give Norwegian citizens what they want.

80% of Norwegians play in online casinos or place sports bets online.

Norsk Tipping is aware of this and is trying its best to attract players by offering online casino games and progressive jackpots.

But Norwegian players know that offshore online casinos can offer better things in terms of games, promotions, bonuses, loyalty rewards, jackpots, and more.

Norway passed a law making it illegal for banks to handle gambling-related funds, but offshore operators have also found a way around this issue.

Not only do they allow Norwegian customers to play in Norwegian NOK, but they also offer safe and reliable alternative payment methods.

How to Gamble Legally in Norway

If you want to play real money games online, check out the Norsk Tipping website or sign up with a licensed offshore online casino that accepts Norwegian players. You should make sure that the operator has a license.

Licensed online casinos that accept Norwegian players support Norwegian Tipping and offer customer support and gaming services in Norwegian.

There is a wide range of online casinos, online poker and online sports betting sites to choose from.

Vietnam Moves to Tighten Legislation on Video Game Industry: Insights for Foreign Investors

The video gaming industry in Vietnam has great growth potential due to its large population, growing middle class and a young, internet-savvy demographic. Total video game market revenue is estimated at US$489. 3 million in 2022 and is projected to reach US$750. 6 million in 2027.

However, Vietnam has imposed strict censorship regulations on video games. In order for foreign developers to sell games in the Vietnam market, it is necessary to establish an entrepreneur in Japan, and the provision of s o-called "cros s-border" video games is prohibited. In addition, the play time of players under the age of 18 is limited to 180 minutes by law.

The regulatory environment is relatively strict, but the law enforcement is historically weak, so in Vietnam, unauthorized illegal and pirated games are widespread. In recent years, the government has been struggling with the spread of games and has sporadically demanding hosting platforms such as Apple's App Store and Google Play to delete unusual games.

In March 2023, the Ministry of Internal Affairs and Communications announced that it would block payments to unrelated games, and urged the brokerage settlement platform to prohibit payment to illegal games.

However, the Ministry of Internal Affairs and Communications is trying to further step on the regulation of the video game industry.

The Cabinet Order No. 2023/ND-CP announced by the Ministry of Internal Affairs and Communications in July 2023 ("Cabinet Order Draft") was "Cabinet Order on Management, Supply, and Use of Internet Service and online Information 72/2013 announced in 2013. It was drained to replace the/ND-CP "and the supplementary revision of the Cabinet Order 27/27/2018/ND-CP (" Colonial Ordinance No. 72 ").

Cabinet Order 72 is a major law in the country on the management of online services, including social media and video games. The Ministry of Internal Affairs and Communications has proposed a new government ordinance to replace the Cabinet Order 72, and is looking for public opinion. The Ministry of Internal Affairs and Communications has accepted opinions until September 15, 2023.

In this article, we will look at Vietnam's video game service regulations, including game license requirements and content restrictions, and discuss changes in government ordinances.

Vietnam’s regulation of video and online game services

The Vietnamese video game market is regulated by Cabinet Order 72, along with other cyber security, telecommunications, and data law. In Cabinet Order 72, video games and video game providers are subject to specific license requirements and content restrictions.

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Cabinet Ordinance 72 applies to both "Internet services, online information, online games management, provision, and use, or related to the related organizations and individuals.

In order for foreign companies to provide video game services, it is necessary to establish a corporation in Vietnam in accordance with the Vietnamese Foreign Investment Law. Since this provision has not been changed in government ordinances, it will continue to prohibit providing video games across borders without having an entity in Vietnam.

In Vietnam's current foreign capital, the domination of foreign capital in the video game field is limited to 49 %. In other words, companies that legally sell video games in Vietnam need to establish a joint venture or sign a business alliance with local companies.

Video game classification

Video games are classified into two categories, "how to provide services" and "Game content / target age" by Cabinet Order 72. Game license requirements are determined by the classification of these two methods.

In the service provision method, video games are classified as follows:

• G1 game: G1 game: Video game that interacts between multiple players via a server;
• G2 Game: G1 Game: Video Games with multiple players through the server, G2 games: There is only interaction between players and servers (there is no interaction between different players) video games;
• G3 game: Video game with interaction between multiple players, but has no interaction between players and servers.
• G4 game: G4 game: Video game downloaded from the Internet, there is no interaction between players, players and servers.

In the age category method, the game is classified as follows:

• 18 years old or older (listed as 18+): 18 years old or older (listed as 18+): Games with continuous protests and combat acts using violent weapons. It does not include sexual acts, sounds, images, languages, or suggestions.
• 12 years old or older (listed as 12+): It includes resistance and fighting using weapons, but the image of the weapon is closed up or clearly displayed in detail; with a moderate sound during battle. There is a weapon; there is no scene that pays attention to activities, images, sounds, languages, lines, default characters, explicit content, and sensitive body parts.
• All age targets (notation as 00+): There is no activity using weapons, eerie sounds, images, horror, no violence, activity, sound, language, dialog, default character image, explicit content, sensitive human body A simulation animation that has no scene to pay attention to the part.

The draft decree released in July 2023 also adds an age category of "16 years and older":

• 16 years and older (denoted as 16+): Games, activities, images, sounds, language, dialogues, sexually suggestive characters, and content that draws attention to sensitive body parts are prohibited.

Video game providers are required to display the age category of the game in the upper left corner of the game's advertisement and in the upper left corner of the screen while the player is playing the game.

Requirements for video game licensing

In addition, in order to provide G1 games, it is necessary to obtain a game service provision license and receive approval of the game content from the Ministry of Internal Affairs and Communications.

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In order to provide G2, G3, and G4 games, it is necessary to obtain a registration certificate for each game and publish the service content.

In order to provide game services in Vietnam, the following requirements must be met:

1. Established under Vietnamese law and obtained a business registration certificate for video game services;
2. Registered the domain name of the service;
3. Has sufficient financial capacity, technical capacity, organizational structure, and human resources commensurate with the scale of the business.
4. Measures must be taken to ensure the safety and security of information.

The validity period of a video game license varies depending on the company's request, but under the current Decree No. 72, it cannot exceed 10 years. However, the draft Decree shortens this period to 5 years.

In addition, companies that offer G1 games must meet certain structural requirements, such as:

1. They must have a headquarters with a clear address and telephone number.
2. They must have a team of electronic game administrators that is appropriate to the scale of their operations, with at least one person in charge for every two servers.

In addition, in order to offer G1 games, the service provision system must meet certain standards. These include:

1. They must be able to store and update players' personal information (such as name, date of birth, place of residence, ID card/passport number, issue date/place of issue, telephone number, email address, etc.).
2. Establish a video game payment management system in Vietnam, connect it to a payment support service provider in Vietnam, ensure accurate and sufficient updates and storage, and allow players to search for payment account details.
3. Manage player play time from 00:00 to 24:00 every day, and ensure that the total play time of all G1 electronic games for players under the age of 18 does not exceed 180 minutes per day.
4. Continuously display the age category of players for all games in game introductions, advertising materials, and during service provision. Also, display a warning in a prominent position on game bulletin boards and on players' computer screens while playing, stating that "Playing for more than 180 minutes per day may have adverse effects on your health."

The above requirements remain largely intact, with a few notable changes. For example, the draft decree lowers the daily time limit for players under the age of 18 from 180 minutes to 60 minutes, which is the same as the daily time limit reduction proposed in the previous draft amendment to Decree 72. However, while initially only proposed for G1 matches, the draft ordinance stipulates similar requirements for G2, G3, and G4 matches.

In addition, the draft ordinance requires that a warning "Playing for more than 180 minutes a day will have adverse effects on your health" should be displayed in a prominent position at least every 30 minutes of playtime (despite the proposed reduction in the daily allowable play time for those under 18, the draft ordinance continues to state 180 minutes in the warning).

Restrictions on video game content

Video games are subject to specific censorship laws, and companies must obtain approval from the Ministry of Internal Affairs and Communications to ensure that their content is not prohibited. Ordinance No. 72 prohibits the following content:

• Images or audio that are gruesome, incite violence or cruelty, vulgar, erotic, obscene, immoral, contrary to traditional ethics, culture, or national customs, or distort or denigrate history.
• Images or audio depicting suicide, drug, alcohol or tobacco use, terrorism, child abuse, human trafficking, or other harmful or illegal activities.

Decree 72 also states that content must "meet other requirements set by the Ministry of Internal Affairs and Communications," giving authorities more discretion in determining the legality of video game content.

Additionally, companies must not exploit the provision or use of video games:

• Opposing the state of the Socialist Republic of Vietnam, undermining national security and social order, disrupting national unity, conducting war and terrorism propaganda, and sowing hatred and division among ethnic, racial and religious groups;
• Promoting and inciting violence, obscenity, pornography, crime, social evils and superstition, and harming national traditions and customs;
• Disclosing state secrets, military, economic, diplomatic secrets and other secrets protected by law;
• Providing information that distorts, slanders or insults the honor and dignity of organizations or individuals;
• Advertising, promoting or trading prohibited goods or services;
• Disseminating prohibited newspaper articles, literary works, artistic works and publications;

Impersonating other organizations or individuals and disseminating false and unfounded information that infringes on the rights and lawful interests of other organizations or individuals.

In addition to the above content restrictions, the draft decree also expands game providers' obligations to manage in-game reward systems to prevent illegal gambling in video games. Gambling is illegal in Vietnam, except in state lotteries (though this may be changing). Despite the gambling ban, authorities have struggled to stop the spread of gambling in online games, which are difficult to regulate.

The draft decree adds two articles regulating "virtual items, units, and reward points" and "game cards".

The draft decree stipulates that companies can only create for video games virtual items, units, and reward points to be exchanged for virtual items within the scope of the game itself.

It also explicitly prohibits the incorporation of promotional programs with rewards (monetary or tangible items outside the game) into the interface or features of video games.

Also, virtual items, units, and reward points cannot be considered assets, nor can they be exchanged or converted into money, payment cards, vouchers, or other tradable items outside the scope of the video game. Buying and selling virtual items, units, and reward points between players is also prohibited.

On the other hand, a game card (short for "online game recharge card") is a type of in-house card issued by a game company, which is a dedicated card for adding funds to legal video games owned by the same company (or companies within the same corporate group), and which also requires strict management by the company.

Entering the Vietnamese video games market

The Vietnamese video game market may be difficult for foreign developers, given strict censorship and enormous administrative procedures. However, it is still an attractive market for many companies because of strong growth.

Related article

It is important for companies that are considering entering the Vietnam video game market in recognition that the regulations are evolving because the country has continued to crack down on illegal and unauthorized games. Games in Vietnam must be localized in line with the country's content regulation or carefully selected based on content.

A partnership with local companies is a prerequisite for entering the market, but the majority of the advantage of the local partner is usually made by local partners, so the procedure is significantly simplified for foreign companies. There is.

For the entry of Vietnam's video game market, consult with Dezan SHIRA and ASSOCIATES market entry.

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Desan Shira & Associates provide business intelligence, du distributions, legal affairs, taxes, and advisory services throughout Vietnam and Asia. We have offices in Hanoi, Ho Chi Minh, China, Southeast Asia, India and Russia. Please contact Vietnam@dezshira. com for support for investment in Vietnam or to www. dezshira. com.

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Russia’s Cryptocurrency Pivot: Legislated Sanctions Evasion

In response to the growing economic pressure of western sanctions, Russia legalized the mining of cryptocurrencies and enacted important bills to allow international payments to use cryptocurrencies. According to Bloomberg's report, these bills will be signed by President Vladimir Putin on August 8 and will begin this month this month.

This is very different from the government's government, which had Russia Central Bank (CBR) has been banning the entire state of cryptocurrencies until 2022. For payments across borders in September, the new law scheduled to be implemented in November for the mining of cryptocurrencies will allow Russian companies to engage in international transactions using cryptocurrency. Will allow digital assets.

Putin has called for Russia to regulate cryptocurrencies, "do not miss the present," and emphasizes the increase in the role of cryptocurrency in global payments and the possibility of reducing the dependence on the US dollar. 。 Corporate officials, including the bill creator Anton Gorelkin and the Governor of Ervilla Naviulina, have clearly acknowledged that the revision of the law is aimed at relieving sanctions and promoting international payments.

Russia’s evolving attitude towards cryptocurrency

Despite recent legal development, Russia has banned the use of cryptocurrencies for domestic payments. That said, it does not water to spread the cryptocurrencies in Japan. In fact, Russia is always ranked high in the year's announced Global Crypto Adoption Index, and the full prohibition measures for cryptocurrencies do not significantly control the use, but rather unofficial or gentle. It is consistent with our extensive observation, which is often ineffective to push the channel.

At the same time, bank services linked to cryptocurrency have been increasing in Russia before recent laws and regulations. According to Vedomosti, Rossbank, owned by Russian millionaire Urazimir Potanin, opened a cryptocurrency payment beyond business borders last June.

Sanctions evasion through cross-border payments

The CBR is an experiment that integrates cryptocurrencies into Russian financial systems so that the approved Russian companies and organizations can use digital currencies for international trade, standing at the top of Initiative, which enables border payments. We are building a typical infrastructure. According to the official announcement, the approved mining entity is allowed to use cryptocurrencies for transaction payments.

This recent legislative effort on cryptocydo is part of Russia's extensive efforts to develop alternative payment mechanisms to reduce the dependence on US dollars while alleviating European and American sanctions pressure. With the growing tension, it is a lon g-term goal for Russia. < SPAN> This is very different from the country's government, which had Russia Central Bank (CBR) has been promoting the entire ban on cryptocurrencies until 2022. For payments across borders in September, the new law scheduled to be implemented in November for the mining of cryptocurrencies will allow Russian companies to engage in international transactions using cryptocurrency. Will allow digital assets.

The Central Bank of Russia: New scope of regulatory power

Putin has called for Russia to regulate cryptocurrencies, "do not miss the present," and emphasizes the increase in the role of cryptocurrency in global payments and the possibility of reducing the dependence on the US dollar. 。 Corporate officials, including the bill creator Anton Gorelkin and the Governor of Ervilla Naviulina, have clearly acknowledged that the revision of the law is aimed at relieving sanctions and promoting international payments.

Despite recent legal development, Russia has banned the use of cryptocurrencies for domestic payments. That said, it does not water to spread the cryptocurrencies in Japan. In fact, Russia is always ranked high in the year's announced Global Crypto Adoption Index, and the full prohibition measures for cryptocurrencies do not significantly control the use, but rather unofficial or gentle. It is consistent with our extensive observation, which is often ineffective to push the channel.

Exchanges that may process international transactions

At the same time, bank services linked to cryptocurrency have been increasing in Russia before recent laws and regulations. According to Vedomosti, Rossbank, owned by Russian millionaire Urazimir Potanin, opened a cryptocurrency payment beyond business borders last June.

CBR integrates cryptocurrencies into Russian financial systems so that the Russian companies and organizations can use digital currency for international trade, standing at the top of Initiative, which enables border payments. We are building a typical infrastructure. According to the official announcement, the approved mining entity is allowed to use cryptocurrencies for transaction payments.

This recent legislative effort on cryptocydo is part of Russia's extensive efforts to develop alternative payment mechanisms to reduce the dependence on US dollars while alleviating European and American sanctions pressure. With the growing tension, it is a lon g-term goal for Russia. This is very different from the government's government, which had Russia Central Bank (CBR) has been banning the entire state of cryptocurrencies until 2022. For payments across borders in September, the new law scheduled to be implemented in November for the mining of cryptocurrencies will allow Russian companies to engage in international transactions using cryptocurrency. Will allow digital assets.

Putin has called for Russia to regulate cryptocurrencies, "do not miss the present," and emphasizes the increase in the role of cryptocurrency in global payments and the possibility of reducing the dependence on the US dollar. 。 Corporate officials, including the bill creator Anton Gorelkin and the Governor of Ervilla Naviulina, have clearly acknowledged that the revision of the law is aimed at relieving sanctions and promoting international payments.

Despite recent legal development, Russia has banned the use of cryptocurrencies for domestic payments. That said, it does not water to spread the cryptocurrencies in Japan. In fact, Russia is always ranked high in the year's announced Global Crypto Adoption Index, and the full prohibition measures for cryptocurrencies do not significantly control the use, but rather unofficial or gentle. It is consistent with our extensive observation, which is often ineffective to push the channel.

At the same time, bank services linked to cryptocurrency have been increasing in Russia before recent laws and regulations. According to Vedomosti, Rossbank, owned by Russian millionaire Urazimir Potanin, opened a cryptocurrency payment beyond business borders last June.

The CBR is an experiment that integrates cryptocurrencies into Russian financial systems so that the approved Russian companies and organizations can use digital currencies for international trade, standing at the top of Initiative, which enables border payments. We are building a typical infrastructure. According to the official announcement, the approved mining entity is allowed to use cryptocurrencies for transaction payments.

This recent legislative effort on cryptocydo is part of Russia's extensive efforts to develop alternative payment mechanisms to reduce the dependence on US dollars while alleviating European and American sanctions pressure. With the growing tension, it is a lon g-term goal for Russia.

Cryptocurrencies that could be used for payments

The new law strengthens the CBR's control over cryptocurrencies in Russia, allowing it to closely regulate and monitor these transactions. The CBR continues to test a central bank digital currency (CBDC), with a digital ruble due to be launched in 2025, but the law will allow it to use existing cryptocurrencies under the supervision of the central bank.

Scaling challenges of on-chain sanctions evasion

Russia is exploring various ways to circumvent the US-dominated financial system, including a blockchain-based initiative with the BRICS community and the possible launch of a gold-backed stablecoin with Iran. The Russian Central Bank's Financial Messaging System (SPFS) -- Russia's alternative to the SWIFT financial messaging system -- is another key component of this strategy, but its use is still limited.

According to a Bloomberg report, authorities are exploring ways to legalize crypto exchanges. Finance Minister Anton Siluanov said "no solution has been found yet." That said, Russia is moving ahead with plans to launch two new crypto exchanges in St. Petersburg and Moscow, according to a report from Russian news outlet Kommersant. The St. Petersburg exchange will reportedly be supported by the infrastructure of the St. Petersburg Currency Exchange (SPCE), but state news agency Interfax reported that the SPCE has denied any involvement. Despite regulatory ambiguity, Russia already has a thriving crypto ecosystem. Some of Russia's largest non-KYC exchanges, such as Tetchange, 100btc, Bitzlato, Suex and Garantex, are located in or near the Federation Towers, a two-building skyscraper complex in the Moscow International Business Center, also known as Moscow City. Some services, such as Suex OTC, have seen a decline in activity following their designation by the US Treasury Department, while others, such as Garantex, have maintained a stable level of operation.

Garantex is a central player in the Russian crypto market and is likely to continue to play a key role in the future, despite being designated by the Office of Foreign Assets Control (OFAC) and the Office of Financial Sanctions Enforcement (OFSI) in the United States and the United Kingdom, respectively. This centralized exchange (CEX) processes a significant volume of transactions by designated parties in Russia and Iran, demonstrating its usefulness for sanctions evasion. Under the new law, the Russian government can officially or informally leverage services like Garantex, given its deep liquidity across major blockchains. While Garantex has processed nearly $100 billion in transactions since 2018, this large-scale activity does not necessarily align with state-sponsored scale sanctions evasion and should be evaluated carefully. It is important to note that not all Garantex users are Russian nationals or based in Russia, nor are they operating on behalf of the Russian government. Moreover, much sanctions evasion activity occurs outside of official government channels, through traditional off-chain methods such as private investment vehicles and offshore shell companies. It works closely with InDeFi Bank, co-founded by Garantex founder Sergei Mendeleev and former KGB officer and media mogul Alexander Lebedev. Exved has been facilitating imports and exports even before the new law was enacted.

Note: This screenshot is machine-translated from the original Russian.

In addition, InDeFi, which offers a wide range of DeFi products including yield farming and flash loans, is involved in efforts to launch a ruble-backed stablecoin on the Ethereum network, according to InDeFi's whitepaper and reports.

Implications of the crypto mining bill

Cryptocurrency business in Russia has met with mixed success against the backdrop of an evolving legislative landscape. On one hand, Garantex has become a success story, while other global exchanges have withdrawn from the Russian market citing compliance concerns, and some local exchanges have closed down altogether. Last year, Binance sold its Russian operations to CommEX, which ceased service earlier this year.

It may be difficult to quantify the true impact of a specific sanctions, but the fact that Russian officials have specially emphasized the impact of sanctions on the ability to process trade beyond the borders of Moscow. It suggests that the more impact of the once accused alternative settlement channel, the more impact of the urgency of investing.

It is supported by a new cryptographic exchange under development in St. Petersburg and Moscow. Furthermore, the use of central stable coins such as USDT and USDC may be considered in consideration of its liquidity and wide global popularity, but centralized management and regulations. There is a risk of confusion. Digital rubles may once play a role, but given the heavy economic sanctions against Russia, their desirable appearance remains uncertain for other countries. Finally, the entrepreneur that has been allowed to mined will probably mined with bitcoin. Bitcoin is highly liquid and popular worldwide.

What’s next: Implications for authorities, VASPs, and TradFi

The movement of Russia to integrate cipher into financial systems may bypassing the U S-led financial system and improving the ability to engage in trade other than dollars. However, considering that Russian foreign currency reserves are less than $ 5 trillion and the dollar, euro, and British pounds remain about $ 300 billion, larg e-scale sanctions are still unlikely. As mentioned earlier, the current encryption market has no liquidity that corresponds to such a larg e-scale transaction.

It is unlikely that a larg e-scale escape at the national level is unlikely, but smal l-scale escape in the o n-fins can have a significant impact on national security, compliance and investigation. Government actors who may use new movements support Ukraine's parent Russian armed forces, Oligar Hi and other political exposed people. It contains a facilitator or a Russian instant extras without KYC requirements, providing services to o n-of f-opening activities of Russian banks. Such small activities can have a significant impact, highlighting a wide range of security risks and compliance risks related to such transactions.

The photo below is an interface of the Russian instant exchange. < SPAN> It may be difficult to quantify the true effects of specific sanctions, but it specializes in the impact of Russian officials on the ability to handle trade across the border of Moscow. The fact suggests that the more impact of the once accused alternative settlement channel and the urgency of investing in investment is sufficient.

It is supported by a new cryptographic exchange under development in St. Petersburg and Moscow. Furthermore, the use of central stable coins such as USDT and USDC may be considered in consideration of its liquidity and wide global popularity, but centralized management and regulations. There is a risk of confusion. Digital rubles may once play a role, but given the heavy economic sanctions against Russia, their desirable appearance remains uncertain for other countries. Finally, the entrepreneur that has been allowed to mined will probably mined with bitcoin. Bitcoin is highly liquid and popular worldwide.

Timeline of Russia’s Shifting Positions on Digital Assets

The movement of Russia to integrate cipher into financial systems may bypassing the U S-led financial system and improving the ability to engage in trade other than dollars. However, considering that Russian foreign currency reserves are less than $ 5 trillion and the dollar, euro, and British pounds remain about $ 300 billion, larg e-scale sanctions are still unlikely. As mentioned earlier, the current encryption market has no liquidity that corresponds to such a larg e-scale transaction.	It is unlikely that a larg e-scale escape at the national level is unlikely, but smal l-scale escape in the o n-fins can have a significant impact on national security, compliance and investigation. Government actors who may use new movements support Ukraine's parent Russian armed forces, Oligar Hi and other political exposed people. It contains a facilitator or a Russian instant extras without KYC requirements, providing services to o n-of f-opening activities of Russian banks. Such small activities can have a significant impact, highlighting a wide range of security risks and compliance risks related to such transactions.
The photo below is an interface of the Russian instant exchange. It may be difficult to quantify the true impact of a specific sanctions, but the fact that Russian officials have specially emphasized the impact of sanctions on the ability to process trade beyond the borders of Moscow. It suggests that the more impact of the once accused alternative settlement channel, the more impact of the urgency of investing.	It is supported by a new cryptographic exchange under development in St. Petersburg and Moscow. Furthermore, the use of central stable coins such as USDT and USDC may be considered in consideration of its liquidity and wide global popularity, but centralized management and regulations. There is a risk of confusion. Digital rubles may once play a role, but given the heavy economic sanctions against Russia, their desirable appearance remains uncertain for other countries. Finally, the entrepreneur that has been allowed to mined will probably mined with bitcoin. Bitcoin is highly liquid and popular worldwide.
The movement of Russia to integrate cipher into financial systems may bypassing the U S-led financial system and improving the ability to engage in trade other than dollars. However, considering that Russian foreign currency reserves are less than $ 5 trillion and the dollar, euro, and British pounds remain about $ 300 billion, larg e-scale sanctions are still unlikely. As mentioned earlier, the current encryption market has no liquidity that corresponds to such a larg e-scale transaction.	It is unlikely that a larg e-scale escape at the national level is unlikely, but smal l-scale escape in the o n-fins can have a significant impact on national security, compliance and investigation. Government actors who may use new movements support Ukraine's parent Russian armed forces, Oligar Hi and other political exposed people. It contains a facilitator or a Russian instant extras without KYC requirements, providing services to o n-of f-opening activities of Russian banks. Such small activities can have a significant impact, highlighting a wide range of security risks and compliance risks related to such transactions.
The photo below is an interface of the Russian instant exchange.	Users can remove money from a Russian bank account, which are sanctioned like Suberbank, without executing KYC, and receive encryption in exchange. In other words, the user can effectively avoid the ban on monitored banknotes that affect the Russian bank.
Russia's rudder into cryptocurrency is a calculated response to Western sanctions and aimed at an alternative financial system that does not depend on US dollars. Whether this initiative will succeed is how Russia can avoid regulatory disabilities, manage sanctions, and build the infrastructure and overseas ti e-up necessary to support these transactions. I am.	Russia is not limited to the reinforcements during the war, but is trying to overtake the United States as a global leader of cryptocurrency mining.
The recently passed cryptographic mining bill has introduced a structured framework for cryptocurrency mining, creating registration books that Russian corporations and entrepreneurs can engage in mining activities. Although this framework is designed to regulate a large amount of mining business, the small mining business under the set energy consumption restriction remains unknown. The deletion of the words contained in the early draft of the mining bill suggests that authorities have tried to avoid behaviors that have a negative effect on Russia's strong cryptocurrency ecosystem. In particular, Russia's Russian News Media RBC, which is linked to Kremlin, has been deleted from the final version of the law, avoiding the potential closure of CEX in Russia, and has been minor. He reported that he provided a legal route to monetize.	A minor who works under the new law will report activities to RosfinMonitoring, a local financial surveillance service, and will provide a wallet address to security services, and in effect, legally active under the national monitoring. It will be. The movement of this regulation also raises important issues in the classification of cryptographic mining abroad, especially in the widespread US and European sanctions in Russian energy sanctions. Despite the continuing international sanctions targeting Russian energy resources, the approval and supervision of Russia has suggested a strategic consistency with national interests. < SPAN> Users can remove money from a Russian bank account, which have been sanctioned like Suberbank, without executing KYC, and receive encryption in exchange. In other words, the user can effectively avoid the ban on monitored banknotes that affect the Russian bank.
Russia's rudder into cryptocurrency is a calculated response to Western sanctions and aimed at an alternative financial system that does not depend on US dollars. Whether this initiative will succeed is how Russia can avoid regulatory disabilities, manage sanctions, and build the infrastructure and overseas ti e-up necessary to support these transactions. I am.	Russia is not limited to the reinforcements during the war, but is trying to overtake the United States as a global leader of cryptocurrency mining.
The recently passed cryptographic mining bill has introduced a structured framework for cryptocurrency mining, creating registration books that Russian corporations and entrepreneurs can engage in mining activities. Although this framework is designed to regulate a large amount of mining business, the small mining business under the set energy consumption restriction remains unknown. The deletion of the words contained in the early draft of the mining bill suggests that authorities have tried to avoid behaviors that have a negative effect on Russia's strong cryptocurrency ecosystem. In particular, Russia's Russian News Media RBC, which is linked to Kremlin, has been deleted from the final version of the law, avoiding the potential closure of CEX in Russia, and has been minor. He reported that he provided a legal route to monetize.	A minor who works under the new law will report activities to RosfinMonitoring, a local financial surveillance service, and will provide a wallet address to security services, and in effect, legally active under the national monitoring. It will be. The movement of this regulation also raises important issues in the classification of cryptographic mining abroad, especially in the widespread US and European sanctions in Russian energy sanctions. Despite the continuing international sanctions targeting Russian energy resources, the approval and supervision of Russia has suggested a strategic consistency with national interests. Users can remove money from a Russian bank account, which are sanctioned like Suberbank, without executing KYC, and receive encryption in exchange. In other words, the user can effectively avoid the ban on monitored banknotes that affect the Russian bank.
Russia's rudder into cryptocurrency is a calculated response to Western sanctions and aimed at an alternative financial system that does not depend on US dollars. Whether this initiative will succeed is how Russia can avoid regulatory disabilities, manage sanctions, and build the infrastructure and overseas ti e-up necessary to support these transactions. I am.	Russia is not limited to the reinforcements during the war, but is trying to overtake the United States as a global leader of cryptocurrency mining.
The recently passed cryptographic mining bill has introduced a structured framework for cryptocurrency mining, creating registration books that Russian corporations and entrepreneurs can engage in mining activities. Although this framework is designed to regulate a large amount of mining business, the small mining business under the set energy consumption restriction remains unknown. The deletion of the words contained in the early draft of the mining bill suggests that authorities have tried to avoid behaviors that have a negative effect on Russia's strong cryptocurrency ecosystem. In particular, Russia's Russian News Media RBC, which is linked to Kremlin, has been deleted from the final version of the law, avoiding the potential closure of CEX in Russia, and has been minor. He reported that he provided a legal route to monetize.	A minor who works under the new law will report activities to RosfinMonitoring, a local financial surveillance service, and will provide a wallet address to security services, and in effect, legally active under the national monitoring. It will be. The movement of this regulation also raises important issues in the classification of cryptographic mining abroad, especially in the widespread US and European sanctions in Russian energy sanctions. Despite the continuing international sanctions targeting Russian energy resources, the approval and supervision of Russia has suggested a strategic consistency with national interests.
These laws are likely to increase the ability of Russia to engage in international trade through cryptocurrency, but is likely to increase the vigilance of the United States and the EU authorities. It is especially related to counter party risks and connecting with Russian trading partners, such as China and Iran. With these bills increasing the consolidation of global trade, Western authorities will continue to focus on monitoring and reducing risks related to financial activities of sanctions on chains, of f-chains, and reducing them. 。	To be wider, from Venezuela to Russia and Iran, many heavy sanctions have historically tried to avoid sanctions using alternative payment mechanisms, including cryptocurrencies. There are many issues in this approach. With the transparency of blockchain technology, investigative authorities can monitor and confuse funds in real time. You can identify the wallet address related to CEX, mining service, and other o n-fin entities, belong to it, and add potential sanctions. In addition, the cryptocurrency market has a fluid limit, so if you try to move a large amount of assets with an o n-fins, the blockchain observer may attract attention or the market will be completely unstable. 。
For virtual asset services (Vasp) and traditional financial institutions, these movements emphasize the importance of Russian mining entity's counterparties. As a whole, these changes have been more difficult to trade with Russi a-based businesses since the ful l-fledged invasion of Ukraine, in line with the extensive trend of Russia's risk and debanquing. I am.	With CHAINALYSIS's o n-fin data, monitoring, and a series of survey tools, investigators and compliance experts can actively monitor these networks and take destructive actions.

Malign Interference and Crypto

February 2020

He tells his parent Kremlin Izubestiya paper that digital rubles can help reduce dollar dependence and increase sanctions.

October 2020

CBR announces plans to announce the CBDC prototype in 2021