Crypto businesses in Russia are finding it hard to cope with the new crypto laws promulgated by the Russian Government. The crypto experts were stated to disapprove of the new rules and regulations on Digital Financial Assets (DFA) for being a mixed bag which is hardly affecting the cryptocurrency industry within the country. Though the new law gives the legal status to the first-ever digital currency Bitcoin (BTC) but it does not allow it to be used as a method of payment in Russia.
According to various major crypto firms such as Wirex, LocalBitcoins, Binance, Paxful, and Waves functioning in the country, they were of the view that while finalizing the law all the stakeholders were not put on board due to which anomalies have emerged in the law. If they would have been consulted then the law would certainly be favorable for both, the Government and the crypto industry within Russia. According to them, there are so many ambiguities, defects, and lacunas which makes the language of the law unclear and questionable.
Anton Kozlov, who is the head of Paxful in Russia, stated that instead of promoting the crypto industry, the new law has failed to serve its purpose so much so that much of confusion is faced by almost the entire crypto industry within the country. He also said that the Government would need to review the new law so as to bring it in conformity with the industry practices and a lot of amendments are required to be made in the law so as to make it applicable to the crypto industry.
Alexander Ivanov, who is the founder and director of another major crypto firm Waves operating within the Russian, reported to have said that the new law has overall failed to have an impact on the local crypto industry due to lack of clarity in the law. He further goes on to state that the law does not prohibit the use of crypto assets.
Since the passing of the law, it has been subject to much debate and the Russian Government is receiving heavy criticism from the existing crypto industry within the country.