A Russian crypto enthusiast has opined that there is a lot of uncertainty in the country’s virtual asset market, with most of it still not regulated. This is surprising given that the country instituted a crypto law early in the year.
Russia’s Crypto Industry Policy Is Too Broad And Lacks Clarity
President of Russia’s crypto and blockchain industry (also called RACIB), Yury Pripachikin, stated that those crypto policies didn’t provide any long-term solutions to the industry’s issues. Pripachikin noted in an interview with RBC, a local news outlet, that over the past three years, the country’s president has only been ordering executive orders on matters related to crypto in Russia.
He further emphasized that Russia’s policymakers still didn’t see any need to issue crypto-related policies despite the massive growth in that industry’s market cap over the past four years. The market cap of the virtual asset industry is valued at $2.67 Tr. Compared to $200B four years back. The top RACIB executive disclosed that Russia’s crypto industry holds 10% of the world’s crypto market, almost equivalent to the country’s 2021 budget revenue ($265m).
He also said that the country’s crypto guidelines known as “on digital financial assets” need to define popular industry terminologies like smart contracts and regulatory activities like taxation, issuance, and crypto mining.
Independent Russian Crypto Enthusiasts Agree With The RACIB President
Anna Maximenko, one of the legal counsels at a famous Russian law firm, agreed with Pripachikin. Maximenko further added that there is a need for the country’s crypto policy to define further what the “crypto payments ban” means. The top legal counsel also stated that there are no regulations related to exchanges and investor requirements for the industry.
Thus, Russians can easily patronize the services of international exchanges such as Paxful instead of patronizing the local ones and improving the economy. She said Russia’s negative bias towards the virtual asset industry means that crypto exchanges can’t exist on Russian soil. Still, Russians will always find the backdoor to patronize the international ones. There may be some changes soon as the authorities’ searchlight beams on the virtual currency space. There are even proposals for crypto mining hubs, provided they won’t affect the environment adversely.
However, the authorities still have concerns with crypto investing for Russian residents, especially with the absence of crypto investor guidelines. This might be the reason why Russia’s apex bank is proposing a limit to crypto-related transactions as a means of curbing any negative consequences.
BNY Mellon Encourages Irish Authorities To Create Crypto Policies
In a recent meeting with the Irish’s finance minister, the Bank of New York Mellon (BNY Mellon) has advised that the country needs crypto regulation sooner than later. It stated that the country’s alternate best option is the mica proposal by the EU, which can’t be executed until the next two years.
Hence, it needs to create customized crypto policies to cater to all crypto-related issues before 2023. For almost five months now, BNY Mellon representatives have been in constant meetings with Irish authorities regarding the implementation of crypto policies. Ireland maintains that it is illegal for any Irish to have a vested interest in cryptocurrency.
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