The adoption of rules for the cryptocurrency business in Russia has been notoriously slow. As a result, the Russian Association of Crypto Industry and Blockchain (RACIB) has taken the initiative to persuade President Vladimir Putin to reform the way the government approaches regulating the market. Despite enforcing its first crypto law in 2021, the RACIB argued that Russia has been too slow to implement experimental legal regimes targeting crypto adoption. This argument was presented in the form of an open letter. In the letter, the RACIB emphasized the risks of ignoring the global development of the cryptocurrency industry.
The Australian Cryptocurrency and Investment Business (RACIB) has voiced its concern regarding a number of proposed legal amendments to the existing crypto law. These amendments include the establishment of a “national cryptocurrency exchange” and the introduction of criminal sanctions for local blockchain developers. The association pointed out that these amendments would significantly complicate the implementation of digital financial technologies in Russia, making it difficult for companies in the digital asset industry to prove that they are operating within the framework of Russian legislation. In other words, the amendments would make it more difficult for businesses to demonstrate that they are complying with Russian law.
The delayed laws have introduced an element of uncertainty into the cryptocurrency business in Russia, leading supporters of the industry, such as the RACIB, to urge the government to take a more aggressive stance. As the demand for cryptocurrencies continues to develop on a worldwide scale, a growing number of nations have begun to acknowledge this trend and pass legislation designed to safeguard investors and standardize the sector. It is still unknown if Russia will follow suit and move toward a more progressive approach to the regulation of the cryptocurrency business in the near or distant future.