Russia Set to Become Isolated Market for Tainted Cryptocurrencies
Russia is poised to become an isolated market for trading tainted cryptocurrencies at discounted prices due to Western sanctions, according to Vladislav Kochetkov, chairman of the management board of Finam. The country's new law on digital currency and digital rights will enter into force on September 1, allowing traditional firms like banks and brokers to enter the coin space under their current licenses.
The law also introduces a licensing regime for crypto-specific platforms and creates a new category of participants - 'digital depositories' responsible for safekeeping and accounting of crypto holdings. Domestic transactions will only be possible through authorized entities.
Kochetkov expects Russia to become an exotic market for tainted cryptocurrencies, which will likely be offered at a discount to global prices. He stated that sanctions could lead to Russia becoming a market for 'tainted' cryptocurrencies, meaning assets that have passed through restricted addresses or platforms and are therefore toxic to international counterparties.