Russia May Build Offshore Destination for Cryptocurrencies & Exchanges

Russia May Build Offshore Destination for Cryptocurrencies

Russia might build a large financial center on the island of Bolshoy Ussuriysky.

 

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Leonid Petukhov, who heads the Far Eastern Agency for Attracting Investments and Supporting Exports, said the island could become an offshore destination for cryptocurrenciescrypto exchanges and forex markets.

Bolshoy Ussuriysky is on the border between Russia and China. Petukhov made his statements while speaking to TASS at the St. Petersburg International Economic Forum.

Acceptance of crypto and blockchain in Russia has not been straight. On June 7th, it was revealed that the country’s parliament is considering imposing fines on crypto mining by the end of the month.

That same day, the CEO of Russia’s largest bank, Sherbank, officially confirmed that the institution will not be developing crypto-related services.

Russia’s own long-awaited cryptocurrency legislation is currently being delayed after a requirement to include more crypto-specific terminology was made.

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