13. April 2024

Russian crypto companies preparing to leave the country

According to some experts, companies whose activities are related to cryptov currencies and blockades are seriously concerned about the laws adopted by the Russian government and are thinking about moving out of the country.

As DP.ru reports, Yuri Brisov, a member of the Commission on Legal Support of the Digital Economy of the Moscow Branch of the Russian Bar Association, noted that global trends that have increased investment in cryptographic and block-chain companies are passing by Russia.

Brisov believes that the country is lagging behind the countries where the rapid growth of applications based on blockchain technology will soon begin:

„Most customers come to us with questions about how to move their business from Russia to jurisdictions where it is possible to work with cryptocurrency and blockchecks on a legal basis. Fortunately, there are enough such jurisdictions. In this respect, Russia is beginning to lag far behind the rest of the world“.

He noted that the last „major project that has caused a media furore“ was a loan secured by the cryptocurrency issued by Expobank in late summer.

Since then „nothing new or interesting has appeared in the market, although many expected the market to grow“, especially after the first Digital Assets Act was passed this summer.

„The industry has been waiting a long time for legislation, but in the end everyone was confused by the text of the law. Big business has either given up the bloc or suspended its projects in anticipation of better times,“ Brisov added.