What will happen to cryptocurrencies in Russia

How should the circulation of cryptocurrency in Russia change? What awaits exchanges and exchangers - Russian and foreign?

There are no exchanges and exchangers established under Russian law in the country, all of them are, so to speak, outside the contour of the Russian Federation.

A Russian user today can enter and exit crypto only through p2p. We do not take into account individual transactions “between comrades” in a dark corner for cash.

Whether the laws adopted today will change this reality is more likely to be no than yes.

If a ban on the organization of cryptocurrency circulation had been passed, then we could discuss the consequences that would prevent the organization of the exchange business according to Russian law. And foreign exchangers and exchanges would have started working, most likely, only through VPNs. It could have been unpleasant, but it is good that it did not happen. The public was listened to and the ban was eventually removed from the bill.

Deputies promised to remove the ban on cryptocurrency advertising - but it remained. What does this mean for exchanges, exchangers - and for whom else?

The ban on advertising is perhaps really unpleasant.

Due to the fact that we like to broadly interpret the rules of the law, and especially those rules that can be so interpreted - at first, almost everything will get in here.

One thing is clear already now: advertising with the slogan “we have the most profitable exchange of bitcoins/cryptocurrency” from September 1, 2024 will be inadmissible. But no one has forbidden to change the wording, you can think about it.

What's changing for miners? Almost everything! But it's what they wanted and needed.

The story started with stolen electricity. Apparently so much was stolen that it reached the president's office.

Miners are now required to be on the registry. The authorities must activate the register on November 1. This is a delayed procedure, we need to prepare.

Miners will be obliged to report for the mined cryptocurrency to the authorized body, and to report to it for all sold mined cryptocurrency. The authorized body will be appointed by the government in the near future.

Miners are required to comply with anti-money laundering laws. But there is nothing strange here, rather everything is natural.

What else will change in the fall?

As part of the experiment, it will be possible to pay with digital currency in foreign trade contracts.

As part of the experiment, we may see bitcoin on the Moscow Exchange in the status of goods.

Penalties for violating the prohibitions have not yet been established. And when they will appear, it is not easy to predict. Recall that in Russia for more than three and a half years there has been a ban on the calculation of digital currency. But there are still no fines.