Russia's Crypto Crossroads: Navigating Regulatory Delays and Industry Boom

Russian crypto regulation faces potential delays until 2025, according to Anatoly Aksakov, Chairman of the State Duma’s Committee on the Financial Markets, who suggests that the legalisation of cryptocurrencies in the country is inevitable but may take until 2024 or 2025 for corresponding bills to be adopted. This postponement comes amidst calls from figures like German Neglyad, Deputy Head of the Russian anti-money-laundering regulator Rosfinmonitoring, urging expedited regulatory efforts. Russia's Financial Action Task Force (FATF) rating has been downgraded due to delays in crypto regulation implementation, despite the country's thriving crypto mining industry and expanding P2P market. While some sectors advocate for regulation and taxation of crypto, others, including the Central Bank, have pushed for a blanket ban, resulting in an ongoing regulatory impasse. However, with domestic companies already utilising crypto for international trade and a significant portion of the population owning crypto assets, the urgency for comprehensive regulation is increasingly apparent.