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The cryptocurrency scene in Russia is flourishing albeit the fact that adequate regulation on digital currency is yet to be established. Crypto is huge right there that the market went to grow to hundreds of billions of dollars.
The cryptocurrency market in Russia is $500bn
Listing.Help and Blockchain Life Founder Sergei Khitrov was at the VII Blockchain Life Forum on Wednesday, where he gave this keynote speech that addressed the current lowdown of cryptocurrency regulation in Russia.
During his speech, he highlighted that the cryptocurrency market in Russia could be worth 20-40 trillion rubles which is over 500 billion in U.S. dollars, provided that if they were to base insights such as cash flow concerning crypto-related services. Khitrov also claimed that crypto-related businesses within the country could be raking in at around 284 billion rubles (which is over four billion dollars) worth of taxes annually in the event that the government of Russia gives a robust and comfortable crypto policy for their digital assets industry.
Russian government snub
Unfortunately, that doesn’t seem to be the case. Lawmakers in Russia are pretty snobbish when it comes to this kind of talk and it is believed to be going on for the past several years now. As a result, crypto-related businesses have had to either operate illegally or head towards other jurisdictions just to survive.
According to Khitrov, without regulations that are taking into account the interests of the cryptocurrency community, services related to it will remain illegal in the country. He went on to state that it is not profitable to any business “to step out of the shadows.”
Russian roots
He even revealed that in Russia, none of the homegrown cryptocurrency exchanges has legally built up a business in the country despite how massive the market is. Additionally, he said that they are aware of crypto exchanges that have “Russian roots” on them. However, these are either based on a different jurisdiction or not officially registered.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
