Russia’s crypto industry is good for 550 billion, the executive says

Russia’s crypto industry is good for 550 billion, the executive says

Russia’s crypto industry is good for 550 billion, the executive says

Russian cryptocurrency event blockchain life and listing. According to Sergei Khitrov, founder of HELP, the Russian crypto market has grown significantly in the $ 550 billion industry.

Addressing his keynote address on the state of cryptocurrency regulation in Russia at the Blockchain Life Forum in Moscow on Wednesday, Khitrov said that despite the lack of proper regulation on cryptocurrency, the value of the Russian crypto market is between 20 and 40 trillion rubles, or $ 280. May be between – $ 550 billion.

While zooming in on the ins and outs of local cash flows related to services such as crypto mining, the executive believes that Russian crypto businesses can pay the Russian government about $ 4 billion in annual taxes if there are clear and unbiased rules. To be

However, for that to happen, the industry will have to move beyond the gray areas, Khitrov said, referring to the fact that there are no exchanges with Russian roots that officially trade in the country. He said:

“We know a lot of crypto exchanges with Russian roots, but unfortunately, these exchanges are either not officially registered or based only in other jurisdictions.”

He added:

“Without rules that take into account the interests of the crypto community, crypto services will not be legally provided. Getting out of the shadows is not good for business. ”

Khitrov called on various government authorities and regulators to focus their efforts on cryptocurrency negotiations, stressing that Russian cryptocurrencies do not yet seem to understand how to implement a fair tax system on cryptocurrencies. .

The Blockchain Life Forum is one of the largest Russian cryptocurrency events held twice a year. Founded in 2017, last week’s Moscow edition brought together more than 5,000 spectators and speakers. Prominent Russian state officials were Russian Internet Ombudsman Dmitry Marinichev, officials of major crypto platforms such as Hubi and local crypto entrepreneurs. Binance NFT was also present, hosting an NFT auction.