Russian Crypto Regulation ‘May Have to Wait Until 2025’

Russian crypto regulation may be delayed until 2025, as decision-makers in the nation focus on other priorities. Anatoly Aksakov, Chairman of the State Duma’s Committee on the Financial Markets, believes that the legalization of cryptocurrencies in Russia is inevitable but will likely occur in 2024 or 2025. This delay has raised concerns, especially as Russia’s compliance ranking for crypto regulation has been downgraded by the Financial Action Task Force. The impasse in the regulatory process is beginning to impact the country, as domestic companies are already using crypto for international trade and the crypto mining industry is growing despite lacking legal status. Some reports suggest that a significant portion of Russians already own cryptoassets, further highlighting the need for regulation. However, lawmakers and regulators have prioritized other initiatives, such as the introduction of legislation governing digital financial assets and the development of the digital ruble. Despite the delays, there is a growing consensus among politicians regarding the potential of blockchain technology, and there is no longer talk of banning cryptocurrencies. Still, the constantly shifting deadlines for crypto regulation delay the establishment of a legal framework for crypto mining, causing the Treasury to lose billions of rubles in tax revenue each year.