Russia
by Mary on May 17, 2019

Crypto regulations are no longer a priority for Russia

The whole world is striving to come up with the proper regulations for cryptocurrencies. Crypto is in the center of attention of many regulators today to ensure that the development of blockchain and innovative products are not hindered by the loose regulatory atmosphere and problems related to cryptocurrencies. Many businesses in the industry have been pushing the government to set clear and proper regulation as the regulatory uncertainty is making it difficult for crypto-related firms to operate.

However, companies doing business in cryptocurrencies are unlikely to do it in Russia anytime soon according to the law. This Thursday, The prime minister of Russia, Dmitry Medvedev stated that the government is not interested in putting any laws in place for cryptocurrencies and for regulating crypto markets. It seems the government has changed views on crypto as previously this year the president of Russia, Vladimir Putin was pushing the government to come up with the regulatory framework. Putin was putting pressure on government officials to define and adopt cryptocurrency regulations by July 2019.

The Russian government changed its mind about crypto regulations

Now as July is getting closer the government has changed opinion about the relevance of the regulatory framework. Dmitry Medvedev has talked about it during his speech at a legal conference held in St Petersburg on Thursday. As Medvedev stated working on digital asset regulation is no longer a priority for Russia. He explained the government’s lax attitude toward crypto laws by stating that there is a lack of interest in cryptos that can be seen by the downturn in the digital currency markets.

Dmitri Medvedev stated that since the popularity of crypto has decreased recently the regulations might not be as relevant as it was considered to be in the past. Just last year at the same conference,  the prime minister was stating that one of the largest nations in the world, Russia, needed to introduce at least some basic laws to oversee and govern the cryptocurrency market. However, the year slowly turned to a long crypto winter and the market has tanked. However, cryptocurrencies as we know them,  tend to recover themselves time after time. Currently, almost all digital currencies saw an increase in price and many insiders stated that cryptocurrencies entered the bullish market.

It will not be unexpected if cryptocurrencies and crypto trading will soon be popular again and the digital assets market will increase. Hence, while Medvedev stated that regulations are not a priority for Russian lawmakers, he did not say that the Russian authorities are completely uninterested in cryptocurrencies. As the prime minister noted, the market might increase and crypto trading might get popular again, and with this, the regulatory framework will become relevant again.

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