Lawyer Warns Russian Crypto, Blockchain Exodus Has Already Begun

Blockchain Regulation Russia

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:55 EDT

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Expert voices are warning that a mass crypto and blockchain exit is already underway in Russia, with companies seeking a way out over concerns that the nation is “lagging behind” other more business-friendly regions.

Per DP.ru, Yuri Brisov, a member of the Commission on the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association, global trends that have seen investment in crypto and blockchain companies intensify in recent years are passing Russia by.

Brisov said that Russia was falling away from countries where real-world applications of the technology are soon set to make their debuts.

The lawyer stated,

“Russian clients mainly come to us with inquiries about how to transfer their businesses from Russia to jurisdictions where it is possible to work with crypto and blockchain legally. Fortunately, there are enough of these kinds of jurisdictions out there. Russia is beginning to lag far behind the rest of the world in this respect.”

The media outlet pointed out that it has been a relatively quiet past few months for Russia’s crypto and blockchain scene – despite busy progress elsewhere.

It observed that the last “major project to make a splash in the media” was the issuance of a loan secured by crypto, conducted by Expobank in late summer.

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

The same outlet also noted that despite talk of Norilsk Nikel’s much-talked-about tokenized resources trading platform – which is still yet to materialize some 10 months after it was granted regulatory permission to launch.

Brisov commented,

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

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