Crypto Industry Outlook:

Russia’s massive oversight of cryptocurrency transactions seems to have one key downside. Namely, it seems that criminals who use digital resources to carry out illegal transactions do not bear any responsibility.

On Thursday, Russia’s Ministry of Finance proposed new changes to the country’s cryptocurrency laws to clarify the rules on tax evasion. Under the proposed guidelines, Russians face up to three years in prison for failing to report, at least twice in three years, a transaction worth 45 million rubles ($ 583,000) or more.

Earlier, the Ministry of Finance’s draft talked about a three-year prison sentence for anyone who did not report a transaction over 1 million rubles ($ 13,000). Citizens must also report transactions and wallet amounts in excess of 600,000 rubles ($ 7,700) in a calendar year. Failure to register on time could result in a fine of 50,000 rubles ($ 640).

Mikhail Uspensky, a consultant for the Russian law firm Taxology, says the ministry’s new guidelines also ignore the so-called “gray cryptocurrency exchanges” that account for the majority of darknet transactions.

“It was decided not to impose criminal liability on them, and the main risk of criminal proceedings should be transferred to ordinary cryptocurrency owners,” Uspensky told the Russian media RBC.

Russia’s crackdown on cryptocurrency holders is taking place at a time when policymakers are seriously considering the benefits of a central bank’s digital currency. The Bank of Russia is expanding its efforts to understand CBDC in the aftermath of the Covid-19 pandemic, which had a destabilizing impact on monetary policy.

Technical Market Outlook:

The ETH/USD pair has hit the level of $475.58 after the triangle breakout, so the bullish pressure is still present. Nevertheless, the price got back to the old supply zone quickly and now is consolidating inside of this zone. The level of $424.65 will now provide the intraday support and the level of $400 will now act as a key technical support. The next target for bulls is seen at the swing high at $466.36 and then $500. Only if a daily candle closes below $360 level, then the bears will have full control of the market.

Weekly Pivot Points:

WR3 – $594.51

WR2 – $529.18

WR1 – $494.37

Weekly Pivot – $431.37

WS1 – $395.52

WS2 – $336.56

WS3 – $301.67

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.


The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.