The evolution of the crypto industry in Russia

 

The evolution of the crypto industry

 in Russia

According to the head of the legal firm GMT Legal, Andrei Togarin

the main orientation of Russia cryptocurrency market during 2024

 will be the use of cryptocurrency assets in cross-border financial settlements.

There is now a rise in the number of projects in Russia 

aimed at facilitating these payments using cryptocurrencies.

However

Tugarin emphasizes the importance of clear regulations for cross-border 

financial adjustments, which should vary according to the encrypted assets used.

Russia cryptocurrency industry 

is currently developing these regulations in

 parallel with the development of Digital Financial Solutions Infrastructure

(DFA) and Digital Ruble.

This development is part of important developments that will affect

Russia cryptocurrency market over the next year.

According to

 the projections of two incursions

The use of digital ruble is expected to be mainly limited to BRICS countries

provided the central banks concerned approve this new digital currency.

For the role of cryptocurrencies in international payments

two incursions anticipate increased interest in this type of 

asset as a third type of 

digital asset that can be used in cross-border transactions.

New legislation is also expected in 2024 focusing on the use of

 cryptocurrencies in international payments.

These projections reflect expected cryptocurrency developments 

and a growing recognition of their role in the global financial system.

With regard to 

mining and taxes on cryptocurrencies

Two incursions referred to the proposed amendments to the current 

Federal Law "259-FZ", which is discussed in the State State Duma.

These amendments elaborate on

 mining requirements and tax procedures.

 Two incursions anticipated some amendments to

 the Act before its approval, after receiving many criticisms.

For its part

Maria Telegena, a lawyer and expert at Moscow Digital School

 predicted the launch of an experimental system to settle international

 payments using cryptocurrencies and digital financial assets (DFA).

Different platforms have already been tested to handle different versions of

 these assets. Telegina also noted that experiments on the digital ruble continued

 without expecting to be launched to the public in 2024.

According to

 Dmitry Kirilov of Moscow Digital School 

and a consultant at Lidings,

There is an increased focus on mixed digital rights in Russia.

These rights combine digital financial asset rights (DFA) with other 

digital rights

providing tangible monetary benefits to Russia investors.

For his part

Kirill Lyakhmanov, senior legal adviser to law firm EBR

predicted increased global interest in cryptocurrencies, especially in light of

 the fragmentation of financial markets.

This indicates that cryptocurrencies are receiving increased attention

 due to changes in modern financial markets.

According to "Lekhmanov"

 increased regulatory oversight is indicated

Especially after the collapse of the FTX, to tighten censorship of 

cryptocurrencies across central platforms, and the complexity of personal

 transactions P2P, especially after the exit of "Pinance" from the Russia market.

When the future of non-replaceable NFTs was discussed, Lichmanov noted that

 this asset class would play an important role in the future as a "sign of credibility"

This is in view of the current trend towards federalism

 and centralization of public administration.