The regulatory landscape in Russia with respect to cryptocurrencies is both complicated and unclear. In the past, the government has passed various mandates and introduced the digital ruble to the economy. At the same time, Russian financial authorities have wanted against the dangers of cryptocurrency time and again. Now the government has passed a rule allowing Russian investors to invest in cryptocurrencies but with a major clause. It said that Russian investors can buy and sell cryptocurrencies only through foreign entities and not local entities. Deputy Governor of Bank of Russia Vladimir Chistyukhin spoke about the issue to local media outlets, and the new rules conflict with the earlier opinions expressed by governor Elvira Nabiullina. Many reports suggest that Russia can impose a blanket ban on all cryptocurrencies in 2022. However, that would not make sense considering the newest provisions made for crypto investors in the country.
Russia’s cryptocurrency landscape has been largely unregulated for the most part. Financial crimes with cryptocurrency are also rampant in Russia, and the government has now decided to take control of matters. However, there are internal conflicts within various branches of the Russian authorities, as is the case in the United States. Considering all the factors, a blanket ban seems unlikely for Russia unless all the branches of the government agree on it. There have been no comments on this matter from any top government official or minister, but we can soon expect a more comprehensive mandate for Russian crypto investors.
