Crypto Industry: Providing services to Russian Customers

P2P markets and Crypto can help solve personal finance problems. Moreover, they offer people alternative ways to financial freedom. That is why we see a spike in Russian interest on the crypto platform.

Alexander Ivanov is the director and founder of Waves Platform. Ivanov said that the law has essentially no affection for the industry. This is because of the lack of regulatory clarity.

Ivanov said that law is hardly apparent to most players in the blockchain and crypto industry. The law has neighed a negative or a positive impact on the Russian crypto industry. It is because there is no explicit ban on crypto assets, and that is especially important.

Russian Crypto

Moreover, Ivanov said that regulatory uncertainty is a powerful actor in the development of the DeFi (decentralized market). The decentralized market is one of the crucial players of the crypto market. Ivanov said that an absence of rules or an exact status of the game for cryptocurrencies could be an obstacle to the development of the Russian economy at large and this industry, against the backdrop of overall growth in the DeFi segment.

Dominique Simon is a global general counsel at British crypto payment processor Wirex. He said that the firm does not forecast any significant changes in its business. Simon states that facilitating crypto payments is only part of the services they provide Wirex. If someone disables that feature, it will not discourage them from providing services to Russian customers.

Moreover, Simon stressed that at least some regulation is better than nothing. He claimed that the DFA law is a big step towards security for their customers and business certainty.

Simon said that they remain optimistic concerning providing their services to Russian customers. They wait for more clarity about the licensing regimes. Once it is done, they will do their best to navigate the new framework.