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PAM as a Service: Its All a Matter of Trust – Security Boulevard

With shifting priorities and dynamic technology environments, IT security teams are looking for ways to cover the most ground while draining as few resources as possible. Privileged access management (PAM) continues to be a priority for many organizations as compromised privileged credentials are linked to nearly all attacks. Today, with cyber attackers targeting organizations as they invest in new tools and technologies to support remote work, many security leaders are struggling with how to prioritize new investments and how to get the most out of their existing budgets.

This is where PAM as a Service can help.

Deploying PAM as a Service can help reduce risk by locking down access to a companys sensitive data, systems and applications while optimizing resources. It also doesnt require additional IT resources to manage on-premises infrastructure, perform upgrades, patches and more. Sounds great, right?

Before going down that path, though, its important to know what qualities are essential for a PAM as a Service solution you can trust.

SaaS solutions offer opportunities for companies to gain more control over their data, helping them understand how much data they have and where exactly it resides. While it is up to the organization to manage their own policies and users on the ground floor, any company looking to secure sensitive data, systems and applications on the cloud must trust the SaaS vendors that theyre handing the keys to.

Understand the security of the service. Frequently, businesses dont investigate how exactly security vendors manage and safeguard customer data. They simply assume that everything is completely secure. The American Institute of Certified Public Accountants (AICPA) provides independent assessments known as SOC 2 to help organizations understand exactly how companies safeguard customer data and how well those controls are operating. These reports cover the principles of security, availability, confidentiality and privacy.

Most vendors who have cloud offerings hosted via major cloud providers like AWS, Azure or GCP will tout SOC 2 Type 2 compliance but verifying that the service in question has this compliance check further demonstrates a commitment to security for customers. This is an important check to make before trusting a SaaS provider to keep your data secure and private and help ensure that the service will work how and when you need it to.

Know how data is stored and secured. This is a key component of SaaS itself and should be a major consideration. Communications from the cloud to corporate assets need to be encrypted both at rest and in transit. Secure SSH tunnels from the cloud provider to customer-operated systems like Active Directory servers, SIEM servers and others ensures that assets cannot be intercepted by malicious attackers.

Keep privileged account information safe. If privileged account information is going to be transmitted between the cloud and on-premises assets, investigate whether the cloud provider protects that network traffic is undecipherable and encrypted to prevent illicit information exfiltration. The principle of least privilege should be implemented when access is needed to upgrade backend systems and integrate new features. That access is denied on default and only permitted when essential.

Choose a cloud partner you can count on. Finally, the business stability of the vendor itself will show whether you have a partner in security that will be around for the long haul and able to keep up with rapidly changing demands of todays IT world. For SaaS, this is particularly relevant as cloud-first organizations change on the fly and need solutions that are secure and as nimble as they are.

To learn more about finding a privileged access management solution you can trust, join us June 19 at 12:00 PM ET for A Service You Can Trust, the final installment in the Friday 15 webinar series.

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*** This is a Security Bloggers Network syndicated blog from CyberArk authored by Andrew Silberman. Read the original post at: https://www.cyberark.com/blog/pam-as-a-service-its-all-a-matter-of-trust/

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Cloud computing via satellite to drive 52 Exabytes of traffic by 2029: NSR – SatelliteProME.com

NSR predicts $11bn in cloud-based revenue over the next decade, with Satcom markets leading the way.

Cloud computing via satellite is projected to drive 52 Exabytes of traffic by 2029, with players in the satellite and space industry contributing cumulative revenue of $16bn from 2019-2029, according to a new report by NSR. The market is largely Satcom-centric, with a significant portion of the revenue flow going to service providers and satellite operators.

The transformation brought about by the adoption of Cloud Computing and Big Data analytics is only beginning to impact the satellite sector, states Shivaprakash Muruganandham, NSR Analyst and report author. It ranges from cloud-hosted applications by end customers to Cloud storage/processing by geospatial analytics providers. For a growing number of satellite operators and service providers, partnering with big IT and cloud players helps them drive increased bandwidth usage with existing customers.

The primary cloud verticals, maritime offshore and passenger cruise, along with aeronautical Satcom, will generate more than $7bn cumulatively over the 10-year forecast period. Additionally, onshore energy, gov/mil, and retail and banking Satcom markets are set to expand their cloud-first digitisation strategies.

Muruganandham adds: Surprisingly, the Earth observation industry was found to trail behind in terms of raw data traffic downlinked to cloud servers, while the downstream geospatial analytics segment shows strong signs of growth.

NSR recognises that cloud might not be a scalable cost for all, despite its tremendous value add. Still, newer applications such as the use of satellites for cloud storage and compute capabilities are nascent markets set to grow strongly over the coming decade.

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Multinational Insurance Company Completes Upgrade of Majesco Policy for P&C from On-Premise to Majesco CloudInsurer to Bolster Growth Strategy -…

MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco (NASDAQ: MJCO), a global leader of cloud insurance software platform, today announced that long-time customer, Multinational Insurance Company completed its upgrade of Majesco Policy for P&C from an older version on-premise to the newest version on Majesco CloudInsurer for their commercial lines operation. Multinational Insurance has been a customer of Majescos since 2012 and is one of twenty Majesco customers in Puerto Rico.

Established in 1983, the Multinational Group has spent over thirty years expanding its operations and acquiring insurance companies of high prestige throughout Latin American and the Caribbean, including Puerto Rico. In 2017, the organization began their journey to move their core applications to the cloud to ensure business continuity and guarantee availability of their systems and operations. By working with a partner like Majesco, who has a well-defined disaster recovery process, they are now able to run business critical applications in secondary sites in the event the primary ones go down.

Majescos CloudInsurer has improved our overall performance and given us the ability to scale on-demand as we no longer need to depend on servers with limited capacity, says Mary Vargas, Vice President of Information Technology & Systems at Multinational. Weve also been able to limit the amount of manual resources needed to manage the administration of our infrastructure, servers and networking which has allowed us to focus more on the critical day-to-day business functions that require our attention. This was a cross-collaborative effort combining adept cloud skills from Majesco and exceptional support from all Multinational team members for achieving this upgrade.

By moving to Majescos CloudInsurer, Multinational has benefited from significant cost savings on licensing software that are typically used for web, application and database services. In addition, customers can now rely on a single source for managing service levels including application availability, platform updates, release management and incident response rather than coordinating with various parties.

Were thrilled to have helped Multinational upgrade Majesco Policy for P&C and at the same time move to CloudInsurer to strengthen their operations that can support their growth strategy in the market, says Prateek Kumar, EVP for Majesco. Our CloudInsurer platform with Majesco Policy for P&C are a competitive differentiator for customers because of the ready-to-use content and capabilities that accelerate speed to market, providing the foundation of on demand insurance in the cloud.

About MajescoMajesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business and the future of insurance at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer P&C Core Suite (Policy, Billing, Claims); CloudInsurer LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance with Digital1st eConnect, Digital1st EcoExchange and Digital1st Platform a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit http://www.majesco.com.

Cautionary Language Concerning Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majescos reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under Item 1A Risk Factors in Majescos Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

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COVID-19 Impact on Healthcare Cloud Computing Market Marked US$ 13 Bn in forecast Years 2025 – 3rd Watch News

With the outbreak of COVID-19 in worldwide and stipulated lockdown, the healthcare sector is witnessing an unprecedented slowdown as per EY-FICCI study titled, COVID-19 impact assessment for healthcare sector and key financial measures recommendations for the sector. The study is predicated on an assessment of healthcare players within the country to assess the economic impact of the COVID-19 pandemic and provides recommendations on the fiscal stimulus measures it needs within the coming months.

The research report on healthcare cloud computing market includes current market scenario analysis as well as a revised forecast for a period of eight years. According to a recent market report published by Persistence Market Research titled,Healthcare Cloud Computing Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)the globalhealthcare cloud computing marketis anticipated to be valued at US$ 7791.4 Mn in 2025, and is expected to register a CAGR of 18.9% from 2017 to 2025.

Increasing demand for better healthcare facilities and Rising investments by healthcare IT players are major factors driving growth of the global healthcare cloud computing market.

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Company Profiles

Get To Know Methodology of Report @ https://www.persistencemarketresearch.com/methodology/19390

Cloud refers to a prototype in which data is permanently stored on servers and accessed by clients with the help of different information systems such as computers, sensors, laptops, and others. Cloud computing refers to a process which involves delivering hosted services to clients.

Global Healthcare Cloud Computing Market: Segmentation & Forecast

Global healthcare cloud computing market is categorized on the basis of application, deployment model, by components, by service model and region. On the basis of application, the market is segmented as CIS and NCIS. The CIS segment is anticipated to register a CAGR of 20.3% during the forecast period.

The component segment is segmented into software, hardware, and services. On the basis of deployment model, the market is segmented as public cloud, private cloud, and hybrid cloud. Private cloud segment accounted for highest market share and was valued at US$ 2,504 Mn in 2016.

The service model segment is segmented as SaaS, Paas, and IaaS. The SaaS segment is poised to be highly lucrative in the coming years. This segment is estimated to reach a value of about US$ 25.4 Bn by 2025 end and is the fastest growing segment to register an exponential CAGR of 19.7% throughout the period of assessment, 2017-2025.

The PaaS segment is the smallest segment with a low estimate of US$ 360.3 Mn in 2017 and is expected to reach US$ 1.2 Bn by 2025 end. By component, the software segment is projected to grow at a higher rate to register value CAGR of 19.2% throughout the period of forecast and is the largest segment in terms of value share. It is estimated to reach a valuation of more than US$ 21 Bn by the end of 2025.

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Global Healthcare Cloud Computing Market: Regional Forecast

This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the potential of healthcare cloud computing market in regions including North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.

Among these regions, North America accounted for the largest market share in 2016. Moreover, North America region is also expected to register a healthy CAGR of 19.6% during the forecast period.

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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics andmarket research methodologyto help businesses achieve optimal performance.

To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

Our client success stories feature a range of clients from Fortune 500 companies to fast-growing startups. PMRs collaborative environment is committed to building industry-specific solutions by transforming data from multiple streams into a strategic asset.

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Upstream Security Partners With Amazon Web Services to Enhance Automotive Cybersecurity – PRNewswire

HERZLIYA, Israel, June 2, 2020 /PRNewswire/ -- Upstream Security, a leader in cloud-based automotive cybersecurity, announced today that it has joined the Amazon Web Services (AWS) Partner Network as a Select Tier Technology Partner. Upstream Security pioneered automotive cloud cybersecurity and unlocks the value of automotive data, ensuring that connected vehicles and mobility services are safe, secure, and operating optimally. With their Connected Mobility Solution (CMS), AWS enables automotive manufacturers and suppliers to build applications that gather, process, analyze, and act on connected vehicle data, without having to manage any infrastructure.

The Upstream and AWS partnership will empower automotive companies utilizing AWS with the cybersecurity knowledge, capabilities, and mitigation techniques required to thrive in the new cyber-threat landscape of smart-mobility and connected vehicles.

"We're thrilled to have Upstream Security as part of our partner network and automotive solutions," explains Bill Foy, Director of AWS Automotive. "Upstream is known for delivering cutting-edge cybersecurity solutions that help automotive customers transform the way they secure their connected vehicles."

Upstream's enrollment in the Amazon Partner Network further enhances its digital and cloud capabilities to deliver industry-leading solutions. As an AWS Technology Partner, Upstream's software-based cybersecurity solution may now be used by Automotive AWS customers - OEMs as well as connected vehicle fleets - to detect cyber threats against connected vehicle infrastructure spanning the vehicle itself, telematics servers, and mobile applications.

"The collaboration with AWS enables us to offer a field-proven, scalable, and robust cybersecurity solution for OEMs and fleets," says Yoav Levy, Co-Founder and CEO of Upstream. "We look forward to enhancing our collaboration with AWS by offering seamless and out-of-the-box integration of Upstream and the AWS Connected Mobility Solution."

About Upstream Security

Upstream Security is the first cloud-based cybersecurity solution,, purpose-built for protecting connected vehicles and smart mobility services from cyber-threats and misuse. Upstream's C4 platform leverages existing automotive data feeds to detect threats in real-time and delivers cybersecurity insights supported by AutoThreat() Intelligence, the first automotive cybersecurity threat intelligence in the industry. Upstream Security is privately funded by Renault Venture Capital, Volvo Group, Hyundai, Nationwide Insurance, CRV, Glilot Capital Partners, and Maniv Mobility.

For more information go to http://www.upstream.auto

Follow Upstream on LinkedIn, Twitter, Facebook, YouTube

Media Contact: [emailprotected]

SOURCE Upstream Security

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You couldn’t do this already? AWS adds size and bandwidth growth to FSx for Windows File Server – Blocks and Files

AWS has improved Amazon FSx for Windows File Server with dynamic size and throughput growth scaling capabilities.

FSx for Windows File Server provides disk or SSD-based SMB-protocol file storage and is integrated with Active Directory for authentication purposes. The software runs in single or multiple availability zones, and shares can also be accessed from VMware Cloud on AWS andAmazon WorkSpaces. FSx supports data encryption in transit and at rest and includes backups.

Previously, users created a file system with a fixed capacity and set network throughput levels.They paid for defined storage and throughput capacity and for any backups they created.

As announced in an AWS blog yesterday, users can now scale up or down capacity and or network throughput with button clicks in the AWS Management Console or by using an API call. That means you can add capacity or throughput performance for one-off burst work sessions or regular, cyclical workloads.

FSx file system users can make the changes free of charge once Amazon rolls out the update in a maintenance window. New users get them straight away.

AWS added the disk drive storage option to FSx in March this year, pricing it below the standard SSD option. Now it has added dynamic capacity and throughput scaling. And last month it increased EFS read performance from 7,000 to 35,000 IOPS at no charge.

AWSs FSx for Windows is an SMB file system, complementing its EFS (Elastic File System) service which is an NFS-based offering. NFS is largely used by Unix and Linux applications and is also available for Windows, whereas SMB is a Windows file access protocol. There is also a separate FSx for Lustre offering.

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Cloud computing, future trends to be followed in the industry – Optocrypto

We all know the advantages of cloud computing. When we talk about the future, various trends such as hybrid cloud, serverless computing, and containers will dominate the industry in the future.

Industry experts expect the use of clouds to become more widespread in the coming years. Even the global cloud market is expected to reach higher numbers. According to CloudTech, public spending on cloud computing is expected to increase from $229 billion in 2019 to $500 billion in 2023, with a projected compound annual growth rate (CAGR) of 22.3 percent.

These are the top five cloud computing trends for the coming year.

A cloudless server is a technology that enables functionality in the cloud on a necessary basis. Organizations depend on serverless computing because it provides space to work on core products without the pressure of running or managing servers.

Microsoft CEO Satya Nadella favors a serverless cloud. In his opinion, serverless computing can not only be responsive and focus on back-end computing but can also be the emerging future of distributed computing.

According to Gartner, the global market for publicly-owned cloud services will grow by nearly 17 percent and reach a total value of $266.4 billion by 2020. This is a staggering figure compared to last years $227.8 billion.

In 2019, the actual number of companies using the hybrid cloud was 58%, compared to 52% in 2018, and this year there is a huge increase. While everyone is discussing the existence of this new technology, Markets is also discussing the growing need for hybrid cloud computing. They highlighted its functionality and focused on its multiple benefits, from efficiency to security.

As the world changes and technology evolves, the use of technology can be seen in almost every area of work. The increase in the number of employees is also due to the increased demand for labor. These digital native users need more knowledge about cloud computing and all the other technological advances that are readily available.

Cloud computing and other related technologies will bring these two parts together, which will only bring productivity to businesses.

AI in data centers will peak in the next few years, and IDC predicts that AI spending will increase to $52.2 billion by 2021, representing an average annual growth rate of 46.2 percent from 2016 to 2021.

From hardware failures to power savings and system fault detection, AI can solve a wide range of enterprise systems. Using AI in data centers can serve a variety of purposes, including automating various manual tasks and addressing skill shortages. In addition, AI resources can help companies learn from past data and draw productive conclusions. With the introduction of AI technology, more sophisticated data security solutions will be available without human intervention.

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Improvements on the verify domain error in Office 365 – TechGenix

If you have registered a domain in Office 365/Azure Active Directory, and after a while, you try to register the same domain in a different tenant, you would see the verify you own this domain screen and suffer a lot of headaches because a ticket would be required to find out where that specific domain is in the Microsoft cloud. That was a common issue a few months back. Today, I was working on my Microsoft Teams articles here at TechGenix, and when I tried to register my domain, I got an error that the domain was already registered. Still, the difference nowadays is that the verify you own this domain error message now informs you precisely where the domain is being verified.

That saves a lot of time for the IT professional. Now it is just a matter of logging on that tenant and removing the domain from there before continuing. Make sure that you spare at least a couple of hours to flush the deletion in one tenant and reuse of the domain in a different tenant.

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Digital transformation held back by lack of skilled people – ComputerWeekly.com

Most organisations believe digital transformation can benefit their businesss operations and customer service, but almost as many say they are held back by lack of skilled resources.

Those are some of the findings of the Veeam 2020 Data protection trends report, which also discovered the cost to respondents of outages of high priority applications $67,651 per hour.

The survey questioned 1,500 decision-makers in global enterprises on data protection and the IT challenges they face.

A key focus of the survey was digital transformation, which seeks to rebuild an organisations activities so that its operations are software-based and can take advantage of efficiency savings, benefit rapidly from changes in its market and be quickly reworkable to a constantly changing environment.

Analyst house IDC has predicted digital transformation spending will be around $7.4tn between 2020 and 2023.

According to the survey, more than half (51%) of respondents believe digital transformation can help their organisation transform customer service, while nearly half said it could transform business operations (48%) and deliver cost savings (47%).

But almost half of those surveyed said they are hindered in their digital transformation journey by unreliable legacy technologies, while 44% cited lack of IT skills or expertise as a barrier to success.

Almost a quarter (23%) of organisations described their progress towards digital transformation initiatives and goals as mature or fully implemented. Meanwhile, nearly one-third (30%) are in the early stages of implementing or planning digital transformation.

According to the survey, the vast majority (95%) of organisations suffer unexpected outages and an outage lasts, on average, almost two hours (117 minutes).

The decision-makers surveyed reported 10% of their servers having unexpected outages each year that last for hours and cost hundreds of thousands of dollars.

An hour of downtime from applications deemed high priority was estimated to cost $67,651, while this number was $61,642 for a normal application. The organisations surveyed considered 51% of their data as high priority.

Nearly one-third (32%) of the organisations surveyed currently make use of on-premise backup tools, while 43% see themselves moving to cloud-based backup tools by 2022.

Currently, more than a quarter (27%) of data is backed up to the cloud by a backup-as-a-service (BaaS) provider, while 43% of firms plan to go down this route within the next two years.

More than one-third (39%) of respondents said the ability to improve the reliability of backups was the most likely reason their organisation would change its primary backup solution. A similar number (38%) said reduced software or hardware costs would be the key factor, while 33% cited improving return on investment.

The survey showed that almost a quarter (23%) of data is replicated and made disaster recovery-capable via a cloud provider. About one-fifth (21%) of data across organisations globally is not replicated or staged for BC/DR, while 14% of data is not backed up.

Lack of staff to work on new data protection initiatives (42%) was cited as the biggest current challenge. Lack of budget for new initiatives (40%) and lack of visibility on operational performance (40%) were also cited.

The survey showed that respondents see the use of cloud as important to digital transformation. For more than half (54%) that means disaster recovery via a cloud service, while 50% cited the ability to burst workloads from on-premise to the cloud as an aim, and multicloud and the ability to move workloads from one cloud to another was cited as important by 48%.

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Russia Sort Of Dropped The Hammer On Bitcoin, Crypto – Forbes

Hardware at the DeeCrypto retail store selling cryptocurrency mining equipment by such brands as ... [+] Bitmain, GPU, KeepKey, Embedded Downloads and Ledger now at risk as new law will make it harder for miners, others. (Photo by Artyom GeodakyanTASS via Getty Images)

Russias State Duma hates bitcoin, ether, ripple, you name it. If it is not the ruble, or a currency issued by a state, Russias government is not into it.

The government posted an updated version of their new draft lawOn Digital Financial Assetson Monday for public comment, along with it additional documents that significantly change the way cryptocurrency is regulated in Russia. Breaking the rules comes with legal penalties now. But the good news is, Russians dont have to give up their fixation on cryptocurrencies.

The law, which is not a major shift in tune from The Kremlin or the Central Bank in regards to official positions on privately issued crypto currencies, does however prohibit the circulation of all cryptocurrencies, as well as their mining and advertising.

ryptocurrencies go completely into the gray zone in Russia, says Artem Kalikhov, chief product officer of Waves Enterprise. People who own one or two bitcoins are not at risk. But all cryptocurrency exchanges and wallets hosted on Russian sites with a .ru at the end are now at risk.

The new law doesnt mean Russians cannot own digital financial assets legally. The Russian Central Bank has not yet introduced the rules for inclusion in cryptos as a security. The Russia crypto market is waiting for that still.

Russian officials have been arguing about crypto regulation since January 2018.

Anatoly Aksakov, chairman of the Russian State Duma's Financial Market Committee. You can own ... [+] cryptocurrencies like Bitcoin, but you should declare it. Cryptocurrency exchanges? Not welcome. (Photo by Vladimir GerdoTASS via Getty Images)

Anatoly Aksakov, a member of the Russian State Duma, says that the countrys new crypto law wont go into affect until the summer.

Aksakov said on Thursday of last week that people can buy and hold cryptocurrencies, but should declare it on their taxes. By declaring it, they will be given legal protections, since the cryptocurrency will be considered as a property. If they dont declare it, they will not have any legal protections. Either way, there will be no legal penalties for owning cryptocurrencies, according to a report by RBC Russia.

For us, at KickEX, this is bad news, says Anti Danilevski, CEO of the new KickEX, a crypto currency exchange run by the creators of KickICO back in the intial coin offering heyday a whole three years ago now.

We were initially regulated in the European Union, not in Russia, because we anticipated this, he says. Its a pity that cool technology startups are forced to leave the country and cannot operate in their homeland. We will transfer our team to the EU now, he says. Its painful for me to see that in the field of cryptocurrencies and digitalization, my country is moving backward while the whole world is moving forward.

Aksakov said there will be no digital currency platforms operating on the territory of Russia meaning no exchanges.

For now, the Russian crypto community is still chewing on the letter of the law, opening it up to interpretation.

The new digital law in Russia is designed to make it harder for tax evasion through ... [+] cryptocurrencies. Photographer: Chris Ratcliffe/Bloomberg

Digital money is not necessarily the same as digital assets, and the law seems to be concerned with tokens. They will get regulated, and most likely they will be adopted as private securities one day. If so, it will one day be possible to conduct regulated security token offerings in Russia, they believe.

In that case, maybe the hammer has not busted through the crypto piggy bank.

As far as I can see, this is a fight against cryptocurrencies, not with tokens or blockchain, Danilevski says.

To newcomers in the crypto space, its worth noting that there are distinguished differences between cryptocurrencies like Bitcoin, and other digital assets issued by a tech company issuing its own coin. While they all depend on blockchain technology; blockchain technology does not require cryptocurrency.

Waves was building a blockchain trading platform for the National Settlement Depository owned by the Moscow Exchange to see how it would work to trade crypto currencies. But that project was never implemented. They are building blockchain platform pilot program for Rosseti, a Russian electric grid operator.

That market in Russia is developing steadily now, says Kalikhov. The attitude of Russian regulators is that cryptocurrencies are not allowed; and financial assets based on blockchain technology are going to be subject to regulation, but blockchain technology itself is still a go.

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