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Russia Clarifies Cryptocurrency Turnover Regulations

Russia provides clarity on cryptocurrency regulations amidst proposed legislation, aiming to regulate crypto turnover and mitigate exposure to Western sanctions.

Russian lawmaker Anton Gorelkin provides clarity on cryptocurrency regulations amidst proposed legislation.

  • Anton Gorelkin clarifies Russia’s stance on cryptocurrency turnover.
  • Crypto turnover itself will not be outlawed, but restrictions on exchanges and OTC services are proposed.
  • Gorelkin suggests individuals can still use foreign crypto exchanges and OTC services.
  • Proposed bill aims to mitigate exposure to Western sanctions in the crypto exchange sector.

Russia’s Stance on Cryptocurrency Turnover

Russian lawmaker Anton Gorelkin, also the deputy chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, recently addressed the country’s stance on cryptocurrency turnover. In response to sensational headlines, Gorelkin clarified that while crypto turnover itself won’t be prohibited, the establishment of crypto exchanges and over-the-counter (OTC) services outside of an experimental legal regime will face restrictions.

Gorelkin emphasized that individuals are still permitted to utilize foreign crypto exchanges and OTC services. However, the proposed bill, co-authored by Gorelkin, aims to regulate operations within Russia due to geopolitical concerns. The bill aims to shield businesses from potential exposure to Western sanctions associated with the crypto exchange sector.

Impact on Moscow’s OTC Crypto Services

Despite the proposed legislation, the impact on numerous OTC crypto services in Moscow remains uncertain. Bloomberg reported the emergence of a significant number of companies converting cryptocurrencies to cash in Moscow’s Federation Tower East since 2018. The extent to which these services will be affected by the proposed regulations remains to be seen.

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