Cryptocurrency and marketplaces: new realities in the Russian Federation

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.