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Every week new information comes from Russia regarding the cryptocurrency world. Russia has selected Vladivostok as a pilot city to host two cryptocurrency agencies. After Moscow presented the possibility of issuing the Moscowcoin, the crypto-city will be Vladivostok.

Vladivostok, the Ruler of the East

This Russian city, located in the East of the country, will be the home of the next two cryptocurrency agencies. The crypto-detective agency and the crypto-advisory agency. This decision follows weeks in which Russia made big announcements about cryptocurrencies.

Russia wanted to issue its own cryptocurrency, the CryptoRuble. Moscow decided to start to invest in the development of the Moscowcoin. But the city that was chosen to be the Russian cryptocurrency capital will be Vladivostok.

“At the last meeting of the State Duma, a decision was taken to establish a state structure – a crypto-detective agency, the first pilot branch which will be opened in Vadivostok, and an advisory centre for all those who want to start working with cryptocurrency,”, told Victor Fresht, the director of the Inter-Univesity Center for the World Trade Organization (WTO), reported news.bitcoin.

Vladivostok Cryptocurrency Agency

Vladivostok Cryptocurrency Agency

What Does it Mean for the City?

The crypto-advisory agency will be located at the Vladivostok State University of Economics and Service (VSUES). “A few months ago I did not hear anything about cryptocurrency and did not know these words – blockchain, mining, bitcoins. But now, even President Vladimir Putin has set a task to develop a legislative base for regulation in this sphere,” commented VSUES director Tatyana Terentyeva quoted by news.bitcoin.

This agency will be able to educate the citizens about cryptocurrencies. The agency will start to operate on November the 15th and everyone who wants to participate can do it. “If you want to get more information in depth, then, sign up for the seminar. It lasts 36 hours and you will receive a certificate. With this certificate you will be allowed to work with cryptocurrency and/or clients as a professional,” commented Fersht.

Vladivostok is located near the Koreas, Japan and China. This could be one of the reasons why the city will host those agencies. Japan, Korea and China have different regulations regarding cryptocurrencies, and Russia does not want to lose the track. Moscow tried to promote its own cryptocurrency, the Moscowcoin, but Russia keeps focused in the CryptoRuble.

ICOs and Regulations in Russia

Vladimir Putin has already commented about regulations on ICOs because they pose “serious risks.” The last week, Putin has been pushing for regulations over ICOs. Russian Prime Minister Dmitry Medvedev and Elvira Nabuillina, Central Bank Chief, should be in charge of the regulations.

Additionally, mining farms, some fin-tech products and cryptocurrencies will also be regulated, as informed by CCN. These regulations and institutions may be to clear up the way to the new national cryptocurrency that Russia wants to issue. The CryptoRuble will be subject to taxation. If the owners of CryptoRuble would not be able to explain where they took the money from, they will be taxed with a 13% fee.

Image courtesy of Pixabay

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