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Peter Kimani

Crypto regulations in Russia

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Hi Peter, the regulatory environment in Russia regarding cryptos is very unclear as government officials hold differing opinions about this emerging asset class. Recently, a Russian official in the Ministry of Economic Development announced that the government was working on a bill to allow the testing of cryptocurrencies in a regulatory sandbox environment. The ministry official said that the Bank of Russia would supervise the new regulatory sandbox.

However, the Bank of Russia, which is Russia central bank has been on the record pushing for the banning of the issuance and distribution of cryptocurrencies. Therefore, I would advise you not to plan on issuing or distributing any cryptos within Russia in the near future until there are clear regulations regarding the same. There are also no clear rules regarding the holding or using of cryptocurrencies in the country, but you should consult the relevant authorities before taking any actions as government regulations are constantly shifting.

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