Russia’s digital currency market grows despite inadequate regulation, executive says
The digital currency market in Russia has proven unresponsive to uncertain government regulatory action. According to reports, the industry maintains a surprisingly positive trend in the absence of regulation.
In recent weeks, regulatory loopholes or inadequacies have seen various digital currency exchanges with Russian roots flee the country or be forced to operate illegally, said Blockchain Life founder Sergei Khitrov.
The current value of the digital currency market sector in Russia is $ 500 billion. This is huge compared to the quality of the regulatory measures put in place to deserve such a value. In a opening speech speech, Khitrov described the current state of digital currency regulatory efforts in the country.
Sergei said that no digital currency exchange has officially established its operation in Russia despite the attractive size of the market, saying, “We know a lot of crypto exchanges with Russian roots, but unfortunately these exchanges are not. officially registered or simply based in other jurisdictions. . “
According to him, the Russian digital currency market is worth between 20 and 40 trillion rubles (280 to 550 billion dollars). This is based on information including local cash flow from services like bulk rewards mining. He also said that Russia’s digital currency industry could bring in up to 284 billion rubles ($ 4 billion) in taxes per year. This, however, depends on the Russian government improving the regulatory effort in the industry.
Bitcoin is ignored in Russia
Khitrov accused the Russian authorities of the continued abandonment of the interests of the sectors in recent years.
“Without regulations that take into account the interests of the crypto community, crypto services will not be provided legally. It is not profitable for companies to come out of the shadows, ”he lamented. “The crypto community and businesses are not unknown to them, as they have recently been looking for ways to bring large crypto companies to the country.”
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