Russian crypto advocates urge Putin to stop regulatory hostility

Russian crypto advocates urge Putin to stop regulatory hostility

As Russia continues to delay the adoption of cryptocurrency regulations, local advocates have appealed to Russian president Vladimir Putin to change the government’s approach to regulating the market.

The Russian Association of Crypto Industry and Blockchain (RACIB), a major group of crypto and blockchain enthusiasts in Russia, issued an open letter to Putin on March 6, urging the president to address the risks of ignoring the global development of the crypto industry.

In the letter, the RACIB argued that Russia has been too slow to implement experimental legal regimes targeting the adoption of crypto despite enforcing its first crypto law, “On Digital Financial Assets,” in 2021.

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In November 2022, lawmakers in Russia introduced a series of legal amendments to the crypto law, proposing to launch a “national cryptocurrency

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