Lawyer Warns Russian Crypto, Blockchain Exodus Has Already Begun

Source: Adobe / Sforzza

Expert voices warn that a mass exit of crypto and blockchain is already underway in Russia. Businesses are looking for a way out of worries that the nation is lagging behind other more business-friendly regions.

Per, Yuri Brisov, member of the Commission for the Legal Support of the Digital Economy of the Moscow branch of Russian Bar AssociationThe global trends in which investments in crypto and blockchain companies have increased in recent years are passing Russia by.

Brisov said Russia is falling away from countries where real-world applications of the technology are about to make their debut.

The lawyer stated:

“Russian customers come to us mainly with inquiries about how they can transfer their business from Russia to countries where it is possible to work legally with crypto and blockchain. Fortunately, there are enough such jurisdictions. Russia lags far behind the rest of the world in this regard. “

The media pointed out that it has been relatively quiet for the Russian crypto and blockchain scene in recent months – despite the great progress made in other countries.

It noted that the last “big media splash” was the issuance of a crypto-backed loan carried out by Expobank in late summer.

Since then, the outlet has reported that “nothing new or interesting has appeared in the market, although many expected the market to pick up” after Moscow issued its first crypto-related legislation again this summer.

The same point of sale also noticed that despite the talk of Norilsk NikelThe much discussed platform for trading tokenized resources, which is still pending about 10 months after the official approval has been granted to start.

Brisov commented:

“The industry has waited a long time for the legislation. But the text of the law confused everyone even more. Big companies have either given up on blockchain or put their projects on hold and waited for better times. “

Learn more:
Banking Giant Sberbank May Launch Token, Digital Asset Trading Platform
Experts split over new Russian crypto regulations
The Russian Ministry wants to detain citizens who do not report Bitcoin earnings
Russian central bank reprimanded for “deliberately slowing down crypto progress”