In Brief:
- Head of RACIB Yury Pripachin, slagged the Russian regulation of crypto industry in the Russian federation “absolutely nothing.”
- January 2021 law “On Digital Financial Assets” gives a legal basis to crypto in the broad sense.
The head of the Russian Association of Crypto Industry and Blockchain(RACIB), Yury Pripachin, said that the Russian government has done nothing for the crypto regulation over the past 4 years.
According to the announcement, the head of RACIB argued that current Russian crypto regulations are nothing “they are still half-hearted and in no way aimed at a systematic solution of state policy in the field of digital assets.”
“From the point of view of the regulation of the crypto industry in the Russian Federation, according to its professional representatives, absolutely nothing has been done to bring out of the shadow the domestic segment of this market accounting for over 10% of the global one, with turnovers comparable to the annual federal budget revenues ($270 billion),” said Pripachkin.
Pripachkin highlights “smart contract, which is the key one, is still not mentioned either in the adoption of laws or in the draft laws being considered by the legislature.” The law “On Digital Financial Assets” gives a legal basis to crypto in the expansive sense. In January of 2021, the law came into force. At the same time so far neither the requirements, nor regulator’s activities such as mining, taxation have been specified.
There is no perfect positive result for the crypto industry on the rest of the president’s instructions. “Despite the regulatory sandbox formed in 2018, due to the irreconcilable position of the Bank of Russia towards cryptocurrencies, not a single public blockchain project submitted for testing received approval from the country’s main financial regulator,” Pripachkin added.
On Oct 21, the position of the bank of Russia regarding digital assets was criticized by Russian billionaire Oleg Deripaska. According to Oleg’s opinion, the central bank allegedly “infantiley closes its eyes to the growing cryptocurrency market.”
In Sept the central bank of Russia gave a statement about its tie-up with local commercial banks to delay payments made for crypto exchange.
