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Lawyer Warns Russian Crypto and Blockchain Exodus Has Already Begun

Expert voices are warning that a mass crypto and blockchain exit is already underway in Russia, with companies looking for a way out over concerns that the nation is “lagging behind” other more business-friendly regions.

According to Cryptonews, Per, Yuri Brisov, a member of the Commission on the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association, global trends that have seen investment in crypto and blockchain companies intensify in the last few years are passing Russia by.

Brisov noted that Russia was falling away from countries where real-world applications of the technology are soon set to make their debuts.

The lawyer said:

“Russian clients mainly come to us with inquiries about how to transfer their businesses from Russia to jurisdictions where it is possible to work with crypto and blockchain legally. Fortunately, there are enough of these kinds of jurisdictions out there. Russia is beginning to lag far behind the rest of the world in this respect.”

It was observed that the last “major project to make a splash in the media” was the issuance of a loan secured by crypto, conducted by Expobank at the end of the summer.
Afterward, the outlet reported that “nothing new or interesting has appeared on the market, although many expected the market to pick up” after Moscow issued its first piece of crypto-related legislation, also in summer this year.

Brisov stated:

“The industry waited a very long time for legislation. But the text of the law confused everyone even more. Big businesses have either given up on blockchain, or have put their projects on hold, waiting for better times.”

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