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RACIB Urges Putin to Develop Regulatory Framework for Cryptocurrency in Russia

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It is reported that the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) called on Russian President Putin to support the

RACIB Urges Putin to Develop Regulatory Framework for Cryptocurrency in Russia

It is reported that the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) called on Russian President Putin to support the cryptocurrency community to develop a regulatory framework for cryptocurrency and related technologies in the country.

Russian RACIB Association called on Putin to support the development of regulatory framework for encrypted communities

Analysis based on this information:


The Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (RACIB) recently called on President Vladimir Putin to support the cryptocurrency community in their efforts to establish regulations for cryptocurrencies and related technologies in the country. According to RACIB, the lack of regulation in Russia has created a breeding ground for fraudsters and criminals to exploit the market.

RACIB has been advocating for cryptocurrency regulation in Russia for some time. In January 2021, the association published a report outlining the need for clear regulations to protect investors and ensure the legitimacy of the cryptocurrency market. The report highlighted concerns about scams, money laundering, and terrorist financing, which can be facilitated by the anonymity offered by cryptocurrencies.

In the absence of regulatory oversight, some Russian cryptocurrency exchanges have been forced to close down due to accusations of money laundering and other illegal activities. This has caused significant losses for investors in Russia, and RACIB hopes that the establishment of a regulatory framework will help to prevent such incidents in the future.

RACIB has suggested that the Russian government adopt a regulatory framework similar to that of Switzerland, which is known for its permissive and accommodating regulatory approach to cryptocurrencies. The Swiss model includes an initial coin offering (ICO) registration process and clear guidelines for the taxation of cryptocurrencies.

The benefits of such a regulatory framework for Russia would be significant. Not only would it help to protect investors from fraud and criminal activity, but it would also boost investor confidence in the legitimacy of the market. This, in turn, would attract more investment and talent into the Russian cryptocurrency industry and make it more competitive on the global stage.

In conclusion, RACIB’s call for a regulatory framework in Russia is a significant step towards creating a safe and secure cryptocurrency market in the country. With the support of President Putin and the government, Russia has the potential to become a leader in the cryptocurrency industry and reap the economic benefits of this rapidly-growing market.

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