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29 September 2020

Russia's crypto law is a mixed bag, according to industry execs

Russia's crypto law is a mixed bag, according to industry execs

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Anton Kozlov, head of the Russian market at Paxful, said that the DFA law has caused a lot of confusion.

According to Paxful data, the platform’s crypto peer-to-peer (P2P) trading in Russia surged as high as 350% on a year-over-year basis.

Alexander Ivanov, founder and director of Waves Platform, said that the law has essentially no impact on the industry due to the lack of regulatory clarity:.

“Against the backdrop of overall growth in the DeFi segment, an absence of a clear status or rules of the game for cryptocurrencies can be seen as an obstacle to the development of this industry and the Russian economy at large,” Ivanov said.

Dominique Simon, global general counsel at British crypto payment processor Wirex said that the firm does not anticipate any big changes in its business.

“Facilitating crypto payments is only one part of the services we provide at Wirex and disabling this feature will not discourage us from providing services to Russian customers,” Simon stated7

Jukka Blomberg, CMO at Finland-based P2P crypto trading platform LocalBitcoins, is confident about the new law, stating, “We welcome the new legislation and see it as positive for Bitcoin and the whole cryptocurrency industry in general.” .

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