Russia Set to Legislate Cross-Border Crypto Transactions by 2024

With a solid commitment to cryptocurrencies, Russia intends to legislate digital currency transactions across national borders by the latter part of 2024.

The director of the Financial Market Committee of the State Duma, Anatoly Aksakov, endorsed the notion of utilizing cryptocurrencies for cross-border transactions in an interview with the Russian newspaper Izvestia, stating that the concept is “absolutely correct.”

The possibility that the SPB Exchange, a sanctioned Russian stock exchange, could eventually serve as a third-party provider for these operations was not ruled out by the Russian official. Nevertheless, Aksakov declined to elaborate.

Early in November, the United States redirected its attention to the SPB Exchange as a component of a broader set of measures aimed at constraining Russia’s energy capabilities and tackling concerns associated with sanctions evasion.

Additionally, the EU prohibits Russians from owning cryptocurrency enterprises.

Russia has been contemplating various alternatives to circumvent Western sanctions, given that financial constraints have impeded the nation’s ability to trade with Europe.

Midway through October, it was reported that once the government legalizes the industry, SPB Exchange will be prepared to list an entire suite of cryptocurrencies, including Bitcoin (BTC).

SPB Exchange, according to its CEO, Roman Goryunov, intends to be the first trading platform in Russia to facilitate cryptocurrency trading once a clear regulatory framework for digital currencies is established.