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Despite the Russian government’s efforts to regulate cryptocurrency, analysts say that Russians are still spending their hard earned cash on digital assets. In fact, Russian crypto market is worth about $500 billion USD and continues to grow year after year despite a lack of official regulation in one form or another.,
The “bitcoin regulation” is a topic that has been widely discussed. The “Russian crypto market worth $500B despite bad regulation, says exec.” article discusses how the Russian crypto market is doing well despite the country’s negative stance on cryptocurrency.
According to a key industry leader, the Russian cryptocurrency sector has expanded to hundreds of billions of dollars despite the lack of adequate cryptocurrency legislation.
On Oct. 27, Sergei Khitrov, the creator of the Russian cryptocurrency event Blockchain Life, presented a keynote lecture at the VII Blockchain Life Forum in Moscow on the condition of cryptocurrency legislation in Russia.
Khitrov projected the Russian crypto market to be worth 40 trillion rubles, or more than $550 billion, based on his own business insights and expertise of the sector. He further stated that if the Russian government provided more favorable rules for the crypto sector, it might produce as much as 284 billion rubles ($4 billion) in annual taxes.
However, since Russian officials have ignored the industry’s interests for many years, local crypto firms have had little choice but to operate unlawfully or move to other countries in order to survive, according to Khitrov.
“Crypto services will not be lawfully delivered without rules that take into consideration the interests of the crypto community.” Stepping out of the shadows isn’t lucrative for business,” he remarked.
Despite the enormous market size, no homegrown cryptocurrency exchange has formally launched its operation in Russia, according to Khitrov:
“We are aware of a number of crypto exchanges having Russian origins, but these exchanges are either not legally registered or are headquartered in other countries,” says the author.
The CEO said that he has been dedicated to discussing crypto laws with different government agencies, and that regulators are fully aware of local crypto persons and firms leaving to other countries. According to Khitrov, the Russian government has been searching for methods to lure large crypto enterprises back to Russia, but has so far been unable to match the industry’s needs.
He also said that the Russian crypto community has shown a “complete failure” to grasp how to pay taxes on cryptocurrency so far.
Russia does “absolutely nothing” to regulate cryptocurrency, according to the chairman of the RACIB.
The Blockchain Life forum, which began in 2017, is a prominent Russian cryptocurrency event that takes place twice a year. On the 26th and 27th of October, the Blockchain Life event took place in Moscow, attracting over 5,000 participants and speakers, including business executives and government officials such as Russian internet ombudsman Dmitrii Marinichev and Alexey Minaev of the Ministry of Economic Development.
Executives from major worldwide crypto exchanges like as Huobi and Exmo, as well as local crypto entrepreneurs, mostly representing Chinese Bitcoin mining gear sellers, attended the meeting. The event also included a nonfungible token (NFT) auction hosted by Binance NFT, the world’s biggest crypto exchange’s NFT platform and marketplace.
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