Russia’s Rosy Relationship with Bitcoin and Crypto Continues to Blush with ‘Russian Offshores’ Regulations

According to a recent report released by the Russian news agency TASS, the country is going to implement a new set of measures related to “Russian offshores” and how they will benefit companies that want to invest in digital currencies.

The Russian Ministry of Economic Development is working so as to implement new measures related to the development of the “Russian offshores.” Russian offshores is the term used to describe geographical places within Russia that will be exempting companies from paying taxes or follow relaxed regulations. One of the industries that could be benefited with these measures is the cryptocurrency space.

Ilya Torosov, the Deputy Minister of Economic Development, explained that the new regulations will also have an effect on cryptocurrencies.

Torosov commented about it:

“It is clear that this is cryptocurrency, but for now we are speaking more generally. Concerning the time-frame for implementing the third set of measures, I am currently not ready to provide a response.”

Moreover, a new document published by the official website of the President of Russia shows that Vladimir Putin wants to enforce cryptocurrency regulations by July 1, 2019. The main intention behind these regulations is to attract new technologies to the country and also create a regulatory framework related to digital financial assets.

According to Alexander Konovalov, the Russian Minister of Justice explained that it is too early to formalize crypto-related regulations.

There are several countries around the world that are trying to regulate the cryptocurrency space. Two countries that have attracted a large number of firms due to their friendly approach towards digital assets are Switzerland and Malta. Although there are some challenges that must be faced by these countries, companies feel comfortable working in a clearly regulated market.

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