Despite Russia adopting its first cryptocurrency law in January 2021, the country’s cryptocurrency market is still largely unregulated and is associated with a lot of uncertainty, according to a local industry advocate. Yury Pripachkin, head of the Russian Association of Cryptoindustry and Blockchain (RACIB), argued that the existing Russian crypto regulations are nothing more than “half-measures” that have nothing to do with systemic solutions.
In an interview with local news agency RBC, Pripachkin referred to Russian President Vladimir Putin issuing multiple consecutive mandates to adopt crypto regulation over the past four years. The executive highlighted that the total market capitalization of cryptocurrencies surged from around $200 billion in 2017 to the current $2.7 trillion, but local lawmakers have essentially done nothing to capture this value.
“Russia has done absolutely nothing to regulate the local cryptocurrency market, which accounts for 10% of the global crypto market,” Pripachkin said. He added that the size of the Russian crypto market is comparable to the annual federal budget revenue of $270 billion.
Russia does “absolutely nothing” to regulate cryptocurrencies, says industry advocateRead More
