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<ul class="summary-list"><li>Russia passed a bill allowing crypto trade payments and is aiming to roll out the digital ruble next July.</li><li>Moscow's tilt to crypto reverses its previous anti-crypto stance.</li></ul>Russia is stepping up sanctions-evading measures to keep its international trade flowing. The country is passing new laws regulating cryptocurrency and a plan for the digital ruble.On Tuesday, Russia's State Duma — the lower house of Russia's federal assembly — passed a bill that would let businesses use cryptocurrencies in international trade, <a target="_blank" class="" href="https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/">Reuters</a> reported.Under this new law, Russia's central bank will create a new "experimental" payments platform. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.Nabiullina also said on Tuesday that the Russian central bank plans a mass introduction of the digital ruble in July next year, per <a target="_blank" class="" href="https://tass.com/economy/1823089">TASS.</a>Digital currencies, like the digital ruble, are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks.</a><h2 id="04f69842-16d5-468a-85c4-9bbe54193e49">Some Russian businesses are already using crypto</h2>In addition, Russia passed new regulations legalizing crypto mining on Tuesday.An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.In January 2022 — before the full-scale invasion of Ukraine — <a target="_blank" class="" href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">Russia's central bank</a> proposed a ban on the use and mining of cryptocurrencies within the country, citing risks to financial stability and monetary policy.However, the heavily sanctioned country is facing so many issues with international payments that it has been forced to shift its position.Some Russian businesses are already using cryptocurrencies to trade with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.<a target="_blank" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said earlier this month that Russia had to <a target="_blank" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.Russia's tilt toward crypto isn't unexpected. Analysts have been speculating about how <a target="_blank" href="https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia">Russia would eventually move</a> toward using crypto and digital assets following sweeping sanctions over its invasion of Ukraine.<h2 id="0eca508c-15cf-41aa-b85a-a557ee507d8d">Increasingly tight Western sanctions hit Russia's international trade</h2>Until recently, Moscow hasn't really had to look into digital currencies that intently — since Russian companies have managed to keep on doing business using non-US dollar currencies, such as the Chinese yuan, or via smaller banks.But Russia's international trade is getting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">ever more difficult.</a>The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions — even in non-US dollars — with Russia to avoid getting in the crosshairs."This episode demonstrates the global power of the US Treasury, causing banks from Turkey to India and China to pause the processing of payments invoiced by or to Russian counterparties," wrote Christopher Granville, the managing director of global political research at GlobalData TS Lombard, in a May note about <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">digital currencies and dedollarization.</a>"In other words, simply settling commercial invoices in national currencies rather than US dollars turns out to be an insufficient counter to US sanctions," Granville added.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a><h2 id="b33701e6-83ac-4290-b6c2-ada7fbc1bf3a">Russia could be eying a digital-currency-based settlement system</h2>It isn't clear how Russia's crypto and digital currency regimes will shape up.Implementation may be easier said than done.Even China, which has one of the world's most advanced <a target="_blank" class="" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital currencies,</a> relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote in May that that setup avoided excessively disrupting the operations of banks, which could threaten broader financial stability.

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Amid the global crypto meltdown, <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword>, which has a clear licensing and regulatory framework, is going to act tough on crypto platforms in the coming months, a top <keyword id="167953" type="General" weightage="50" keywordseo="monetary-authority-of-singapore" source="Orion">Monetary Authority of Singapore</keyword> (<keyword id="281847" type="General" weightage="80" keywordseo="mas" source="Orion">MAS</keyword>) executive said on Tuesday. MAS Managing Director <keyword id="224150" type="General" weightage="50" keywordseo="ravi-menon" source="Orion">Ravi Menon</keyword> said that the key lesson from the upheaval in the global crypto industry is clear: Investing in cryptocurrencies is highly risky. "MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license," he said after releasing the central bank's annual report. Menon said that reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in the crypto areas. "MAS is targeting to consult on proposed measures in the next few months," he added. Governments the world over, including in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, are planning tough action against cryptocurrencies as the crypto world faces heightened uncertainties. In India, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said in the Lok Sabha on Monday that the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has recommended framing of regulations for cryptocurrencies. The Indian government wants an international collaboration if such a ban has to be put into effect, said <keyword id="679937" type="General" weightage="50" keywordseo="sitharaman" source="Orion">Sitharaman</keyword>. Menon said that some crypto players that have come under strain have been reported by the media as being "Singapore-based". "In reality, these so-called 'Singapore-based' crypto firms have little to do with crypto-related regulation in Singapore," he mentioned. "Vauld is currently not licensed by MAS nor has it sought any exemption from holding a licence under the Payment Services Act. It has submitted a licence application, which is pending review," Menon informed. The crypto industry globally is still evolving and regulation is still catching up with industry trends. MAS has sent repeated warnings against retail investments in cryptocurrencies. Next month, the authority will organise a dedicated seminar to share its strategies to develop Singapore as a digital asset hub. "We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenisation, smart contracts and digital assets, etc -- their risks and opportunities; shortcomings and potential," said Menon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a>

Singapore to to act tough on crypto platforms in the coming months

Cryptocurrency exchange <keyword id="12393531" type="General" weightage="100" keywordseo="vauld" source="Orion">Vauld</keyword> on Monday announced to suspend all withdrawals, trading and deposits on its platform with immediate effect owing to "financial challenges". Darshan <keyword id="52501" type="General" weightage="80" keywordseo="bathija" source="Orion">Bathija</keyword>, CEO of Vauld, said that a significant amount of customer withdrawals in excess of $197.7 million has happened since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab's UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans. "In furtherance of this, we have engaged the services of Kroll Pte Limited as our financial advisor, as well as <keyword id="2839992" type="General" weightage="50" keywordseo="cyril-amarchand-mangaldas" source="Orion">Cyril Amarchand Mangaldas</keyword> and Rajah &amp; Tann <keyword id="6356662" type="General" weightage="50" keywordseo="singapore" source="Orion">Singapore</keyword> LLP as our legal advisors in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and Singapore, respectively," said Bathija. The cryptocurrency exchange last month reduced its headcount by about 30 per cent amid volatile market conditions. Bathija said the company is currently in discussions with potential investors into the Vauld group of companies. "We intend to apply to the Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise," he informed. The company said that specific arrangements will be made for customer deposits as may be necessary for certain customers to meet margin calls in connection with collateralised loans. Vauld has already reduced its marketing expenses, slowed down hiring efforts, reduced executive compensation by 50 per cent and paused most vendor engagements. Founded in 2018, the Singapore-registered startup raised $27 million and aimed to reach one million users in the US, followed by <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, Singapore and India. Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits withdrawals and loyalty rewards, as top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, in which Voyager has made significant investments. Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced to downsize their workforce. Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/news/who-will-get-the-party-symbol-bow-and-arrow-if-shiv-sena-splits/articleshow/92611630.cms">It’s not the CM seat but the one who wields ‘bow and arrow’ will be the Sena head</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/ban-on-single-use-plastic-kicks-in-across-india-as-the-country-recognises-the-choking-impacts-of-plastic-waste-on-the-environment/articleshow/92600992.cms">Ban on single-use plastic kicks in across India as the country recognises the choking impacts of plastic waste on the environment</a>

Crypto trading and lending platform Vauld stops customer withdrawals, trading, and deposits

<ul><li>More than 51 per cent of the total <keyword id="6354947" type="General" weightage="100" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> trading volume on various <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges this year is fake.</li><li>According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading.</li><li>According to the report, faking trading volume can be a way for exchanges to attract new customers.</li></ul>More than 51 per cent of the total Bitcoin trading volume on various crypto exchanges this year is fake amid volatile global economic conditions, a new report has claimed. Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity. This is often done by bots or spoofing orders. "It's difficult to talk about cryptocurrency without talking about Bitcoin. Yet, there is a concern that a large part of the daily traded volume of Bitcoin is fake. This puts into question the legitimacy of exchanges and the reliability of data," said Jonathan Merry, CEO of BanklessTimes. Another factor contributing to the fake volume is stablecoins such as Tether (USDT).A Tether pairs very well with Bitcoin and is often used to buy and sell Bitcoin on exchanges. "This results in much volume being generated without any actual Bitcoin changing hands," said the report. According to the report, faking trading volume can be a way for exchanges to attract new customers. By appearing to be more popular than they actually are, exchanges can trick investors into thinking there is more activity and liquidity on their platform. Another reason people might engage in wash trading is to prop up the price of a particular asset, according to the report. By buying and selling the asset simultaneously, they can create the illusion of demand and drive up the price. This can be done for personal gain or artificially inflate an asset's price before selling it. "Investors should be wary of exchanges that report false figures. You must do your research and only use exchanges you trust," the report suggested. SEE ALSO: <a href="https://www.businessinsider.in/business/news/whatapp-business-gives-a-new-lease-of-life-to-solopreneurs-across-india-and-bharat/articleshow/94673370.cms">WhatsApp Business gives a new lease of life to solopreneurs across India and Bharat</a> <a href="https://www.businessinsider.in/business/news/indias-service-sector-activity-falls-to-6-month-low-in-sep-amid-inflation-competition-pmi/articleshow/94675187.cms">India's service sector activity falls to 6-month low in Sep amid inflation, competition: PMI</a>

More than half of Bitcoin volume on crypto exchanges fake: Report

Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday. Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. "This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report. CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc. "We estimate that threat actors have defrauded victims of up to $128 million (about Rs 1,000 crore) via such crypto scams," said Rahul Sasi, Founder and CEO of CloudSEK. As investors shift their focus on the cryptocurrency markets, scammers and cheats turn their attention to them as well,' Sasi added. Threat actors first create fake domains that impersonate legitimate crypto trading platforms. The sites are designed to replicate the official website's dashboard and user experience. The attackers then create a female profile on social media to approach the potential victim and establish a friendship. The profile influences the victim to invest in cryptocurrency and start trading. "The profile also shares $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange," the report mentioned. The victim initially makes a significant profit, which bolsters their trust in the platform and the threat actor. After the victim seemingly makes a profit, the scammer convinces them to invest a higher amount, promising better returns. Once the victim adds their own money to the fake exchange, the threat actor freezes their account, ensuring the victim can't withdraw their investment, and disappears with the victim's money. When victims take to various platforms to complain about losing access to their accounts, the same, or new, threat actors reach out to them in the guise of investigators. "To retrieve the frozen assets, they request victims to provide confidential information such as ID cards and bank details, via email. These details are then used to perpetrate other nefarious activities," the report warned. In the long-term, it is imperative for the collaboration between crypto exchanges, Internet service providers (ISPs), and cyber crime cells to raise awareness and take action against threat groups," said Sasi. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-markets-face-a-long-road-back-after-bitcoin-plunges-below-20000-as-an-every-man-for-himself-attitude-spreads-ubs-strategist-says/articleshow/92337463.cms">Crypto markets face a long road back after bitcoin plunges below $20,000 as an 'every man for himself' attitude spreads, UBS strategist says</a>

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

<ul><li>While no decision has been made yet by the Government to ban Cryptocurrency platforms and their ads yet, if banned in the ongoing winter session in the parliament, it is likely to have a larger impact on India’s advertising sector.</li><li>Here’s a look back at how much Cryptocurrency platforms contributed to ad revenue pie from January to November 2021, as per TAM AdEx.</li></ul>A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed </a>bill in India indicates that the government is mulling over introducing a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. This uncertainty has already caused price declines on the local exchanges and crypto advertisers have decided to take it slow until the next hearing. While Union Finance Minister Nirmala Sitharaman had said that no decision has been taken on banning crypto advertisements, there is a new Bill in the making, which implies there will be stringent policies in place. FM Sitharaman further said that the new Bill will take into account the rapidly changing dimensions in the virtual currency space. She had also mentioned that it will be presented to the Cabinet and introduced in the Parliament during the ongoing winter session. Until the next hearing, crypto platforms have either halted or slowed their advertising activities, which is likely to impact advertising revenue collection. As per exclusive data shared by TAM AdEx with Advertising and Media Insider, there was a spike in cryptocurrency-related digital advertisements by 36 times between Jan to Nov 2021. Due to the festive season and IPL 2021, crypto platforms were at their peak during October. The month of Diwali, which was October this year, nearly had a 30% share of the category and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020. In 2021, television has seen 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. More than 85% of cryptocurrency advertisements were on Sports channels, with the rest appearing on News channels, GEC stations, and Movies channels. Cricket was the most popular genre amongst all, with 84% of <keyword id="6376163" type="General" weightage="20" keywordseo="cryptocurrency-advertising" source="Orion">cryptocurrency advertising</keyword> airing in Y 2021. Ad insertions of cryptocurrency grew from 0.01% share in overall Digital advertising during Jan-Nov'20 to 0.27% in Jan-Nov'21, indicating that the competition is getting intense and there’s a wider consumer base for brands to woo now. Simultaneously, the count of advertisers grew fivefold from 15 in Jan-Nov'20 to 59 in Jan-Nov'21 on digital mediums, revealed TAM AdEx. <keyword id="10245463" type="General" weightage="20" keywordseo="CoinSwitch-Kuber" source="Orion">CoinSwitch Kuber</keyword> had the lion’s share of 44% in digital crypto advertising from Jan to Nov, followed by <keyword id="12656736" type="General" weightage="20" keywordseo="coinswitch-co" source="Orion">CoinSwitch.Co</keyword> at 18% and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> at 18%. <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">Wazirx</keyword> and Zebpay had 8% and 6% share respectively in digital advertising Between Jan to Oct, CoinSwitch Kuber had the biggest share of 58% on television too, followed by CoinDCX at 36%, Zebpay at 5% and WazirX at 1%. Prime Minister Narendra Modi in the meeting conducted on November 13 had reviewed key issues concerning cryptocurrency. He had discussed misleading, non-transparent advertising practices. It was also discussed that unregulated crypto markets should not become avenues for money laundering and terror financing. In the past few months, we have seen a lot of high decibel campaigns from a lot of crypto players including WazirX, CoinSwitch Kuber, CoinDCX, Zebpay to name a few. Many of the platforms have used prominent faces like Ranveer Singh, Kunaal Kapoor Roy, Vishnu Kaushal to woo young consumers. A lot of people have been speaking about the risks of investing in the currency without fully understanding how the crypto ecosystem works. The government’s move therefore could help bring about more transparency and accountability into the ecosystem.

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Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Huileng Tan

Singapore to to act tough on crypto platforms in the coming months

IANS

Crypto trading and lending platform Vauld stops customer withdrawals, trading, and deposits

IANS

More than half of Bitcoin volume on crypto exchanges fake: Report

IANS

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

IANS

CoinSwitch Kuber, CoinDCX and WazirX were the top crypto advertisers on digital mediums this year: Report

Karuna Sharma

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