Russia not yet working on possible crypto regulation

Although the first cryptocurrency-related law was passed in Russia in January this year, the crypto market in the country is not yet regulated. In fact, the Russian crypto market still seems a long way from this, which comes with a lot of uncertainty.

Russia does nothing to regulate local crypto market

According to Yury Pripachkin, the head of the Russian Association of Cryptoindustry & Blockchain, or RACIB for short, the current crypto laws are nothing more than half measures. Yury says the following about this:

“Russia has done absolutely nothing to regulate the local cryptocurrency market, which accounts for about 10% of the global crypto market. The size of the Russian crypto market is comparable to the annual federal budget revenue of approximately $270 billion.”

Gray Zone & Skeptical About Cryptocurrencies

Yuri is also not alone in thinking that the crypto industry in Russia is largely a gray zone. An example of this is Anna Maximenko, attorney at Debevoise & Plimpton. She believes that crypto regulations in Russia are currently “limited to the definition of cryptocurrency” and a few other aspects, such as the ban on crypto payments. Maximenko says the following about these other aspects:

“Other aspects of cryptocurrencies’ revenue, including exchanges and investor requirements, are currently unregulated. Taking into account the negative attitude of the Bank of Russia towards cryptocurrencies, it may very well be that there will be no Russian crypto exchanges, while foreign crypto exchanges will remain in a gray zone.”

The Russian government remains skeptical about Bitcoin (BTC) and other cryptocurrencies when it comes to the interests of its own residents. The Bank of Russia wants to restrict transactions to crypto exchanges as crypto investments have become extremely popular with local investors. It is not yet known whether this will change in the (near) future.

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