Tag Archives: Payment

Bill Tabled to Place Crypto Payment Services Under Central Bank Oversight

A new bill which will impact electronic wallets and digital payment tokens such as bitcoin has been tabled in Singapore’s parliament. The Payment Services Bill will place the providers of payment services that are not under the regulatory oversight of Money-Changing and Remittance Businesses Act and the Payment Systems Oversight Act under the umbrella of Singapore’s central bank, the Monetary Authority of Singapore (MAS). Continue reading Bill Tabled to Place Crypto Payment Services Under Central Bank Oversight

Moscow Court Rules Crypto Assets Cannot Be Seized For Debt Payment

In a hearing on Feb. 26, the Moscow Arbitration Court ruled that cryptocurrency funds of a bankrupt debtor cannot be seized as payment to creditors, local media group RBC reports. The court considered an application filed by finance manager Aleksey Leonov, who requested permission to recover funds from a debtor, Ilya Tsarkov, by seizing Tsarkov’s crypto assets. According to RBC, Leonov requested that the court require Tsarkov to provide the password for his cryptocurrency wallet on the website Blockchain.info. The court reviewed documents that proved Tsarkov was in possession of a crypto wallet with Bitcoins, but refused to grant Leonov’s request to seize Tsarkov’s cryptocurrency in order to repay the debt. According to Nikita Kulikov, executive director of the Moscow law firm HEADS Consulting, the court could not have reached any other ruling, as cryptocurrency legislation is not firmly established in Russia at the moment. “If the court had included cryptocurrency assets in the state of insolvency, that would have meant that Russian law recognized cryptocurrency assets as a type of money, which is contrary to the Central Bank’s stance, or as a property, which is not established by the law,” said Kulikov.

Reference: https://cointelegraph.com/news/moscow-court-rules-crypto-assets-cannot-be-seized-for-debt-payment