A Russian official stated that there are no intentions to ban cryptocurrency transactions in the country, emphasizing the importance of factual reporting over sensational headlines.
Anton Gorelkin, a lawmaker in Russia and the deputy chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, provided clarification regarding the country’s position on cryptocurrency transactions.
Russian Lawmaker Clarifies Stance on Crypto Turnover
In a recent Telegram post, Anton Gorelkin, who serves as both a lawmaker and the co-author of a bill targeting the prohibition of crypto exchanges in Russia, provided clarity regarding the country’s approach to cryptocurrency transactions. He emphasized that while there are measures being proposed to regulate the crypto market, the intention is not to outlaw crypto turnover entirely.
Gorelkin criticized news outlets for sensationalizing headlines without verifying the facts. He clarified that the proposed legislation does not aim to prohibit crypto turnover but rather focuses on regulating the establishment of crypto exchanges and over-the-counter (OTC) services. These regulations would apply specifically to entities operating outside the experimental legal regime designated for cryptocurrencies in Russia.
Russian Lawmaker Leaves Room for Future Changes in Crypto Regulations
Anton Gorelkin, a Russian lawmaker involved in crafting legislation related to cryptocurrency exchanges, hasn’t ruled out the possibility of lifting current restrictions on crypto activities in the future. He clarified that individuals in Russia are still permitted to utilize foreign crypto exchanges and over-the-counter (OTC) services despite the proposed regulations.
Gorelkin highlighted the geopolitical considerations behind the bill, expressing concerns about potential exposure to Western sanctions for businesses operating in the Russian crypto exchange sector. He emphasized the need to navigate these geopolitical realities when formulating regulations for the cryptocurrency industry.
However, the impact of the proposed legislation on various OTC crypto services in Moscow remains uncertain. Reports suggest that Moscow’s Federation Tower East has been a hub for numerous companies involved in converting cryptocurrencies to cash since 2018, raising questions about how the new regulations would affect these entities.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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