The head of RACIB slammed the Russian government crypto regulation framework and claimed that Russia does ‘absolutely nothing’.
On 1 January 2021, Russia imposed a crypto regulation framework on the crypto industry to regulate the crypto market and associated activities. However, politicians and haters didn’t miss the chance to criticize crypto adoption. Even after the adoption of crypto as a tradeable asset, officials of the Russian government showed that they are much sceptical over crypto.
The head of the Russian Association of Crypto Industry and Blockchain (RACIB), Yury Pripachkin claimed that the Russian government is doing nothing for the crypto regulation and existing laws are a formality to ensure the legal status of the cryptocurrency in Russia.
In an interview with a local news agency of Russia, RBC, Yury raised many concerns on the crypto regulation framework of Russia.
According to Yury, all the rules are not giving measures and guidelines for crypto operations. And almost more than 50% of things are not under the crypto guidelines.
“Russia has done absolutely nothing to regulate the local cryptocurrency market, which accounts for 10% of the global crypto market,”
Yury claimed that the market cap increased from $200 billion to $2.7 trillion but still rules of the Russian government are just only to show and have no regulation on many operations.
Yury asserted that the main guidelines on crypto-related smart contracts do not regulate activities such as crypto mining, issuance and taxation. So rules are just giving a legal basis to the crypto industry in Russia.
Anna Maximenko on Russia crypto law
A counsel at the international law firm Debevoise & Plimpton, Anna Maximenko, once raised a similar kind of concern over the crypto rule by the Russian government. They claimed that Russian crypto rules only provide the definition of crypto and only restrict crypto payments as a legal tender.