Russian official Anton Gorelkin recently addressed concerns about Russia’s stance on cryptocurrency turnover, emphasizing the importance of factual reporting.

Crypto Turnover Not Banned

Contrary to sensational headlines, Gorelkin clarified that Russia does not plan to outlaw crypto turnover. He highlighted that while crypto exchanges and over-the-counter (OTC) services operating outside a designated legal zone may face restrictions, crypto turnover itself remains legal.

Foreign Exchanges Still Accessible

Gorelkin assured that individuals are still free to use foreign crypto exchanges and OTC services. He suggested that the prohibition aims to regulate operations within Russia’s legal framework, citing concerns about potential exposure to Western sanctions.

Potential Future Changes

While the current bill restricts certain crypto services, Gorelkin hinted at the possibility of revising these restrictions in the future. He stressed the need to consider geopolitical realities and the implications of Western sanctions on businesses operating in the crypto exchange sector.

Impact on Moscow’s OTC Services

It remains uncertain how the law would affect the numerous OTC crypto services in Moscow. Bloomberg previously reported that Moscow’s Federation Tower East hosts several companies offering crypto-to-cash conversion services. These companies may be impacted by the legislation, although the extent of the impact is yet to be determined.

Gorelkin’s statement provides clarity on Russia’s crypto policy, emphasizing the distinction between prohibiting certain crypto services and outlawing crypto turnover altogether. While regulatory measures are being implemented to address geopolitical concerns, individuals still have access to foreign crypto exchanges and OTC services. The impact of these regulations on Moscow’s crypto ecosystem remains uncertain, awaiting further developments in the implementation of the bill.