Cryptocurrency and marketplaces: new realities in the Russian Federation

Dec, 07 2022

Every year more and more Russians come to cryptocurrency. According to experts, by January 2022, the amount of assets of Russian citizens in the crypt amounted to about 2 trillion rubles. Such volumes obviously attract the attention of the Ministry of Finance and the Tax Service, but the law on the regulation of digital assets has not been adopted.

Russia occupies the third position in cryptocurrency mining, second only to the United States and Kazakhstan, and the size of assets on the crypto wallets of Russians is constantly growing.

The problem is that transactions cannot be tracked and the final beneficiary identified, so the regulator has limited tools to control dubious financial schemes.

To date, the Government of the Russian Federation has approved only the concept of legislative regulation of the turnover of digital currencies, where the limits of the use of crypto currency are indicated – only for personal use, businesses do not have the right to pay with digital assets.

Moreover, the cryptocurrency is recognized as property and may be the subject of judicial review.

Russian Marketplaces and Crypto Regulation

Domestic and foreign marketplaces must follow the requirements of the law, regardless of the internal policy of the country of incorporation.

Accordingly, in Russia it is prohibited to pay with cryptocurrency on the marketplace until the relevant law is adopted.

It is worth noting that the number of initiatives on the legalization of cryptocurrencies are increasingly coming from large businesses to intensify trade volumes.

Prospects of cryptocurrencies in the Russian Federation

The bill on the regulation of cryptocurrencies has been under consideration since July 2022, it is not entirely clear when it will be adopted. The parliamentarians did not set any deadlines.

After its approval, individuals and businesses will understand the rules for regulating crypto assets.

More and more countries accept cryptocurrencies as means of payment, their number is already more than 15, of the largest economies it is worth noting: Germany, Italy, Canada, the USA and Japan.

Author of the article
Cryptocurrency and marketplaces: new realities in the Russian Federation
Valentina Khlavich
Managing Partner
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