Russia says EU crypto sanctions will spur DFA development

The European Union’s decision to full ban on servicing cryptocurrency wallets of Russian citizens and residents will positively affect the development of the digital financial assets (DFA) market in the country. This was stated by Anatoly Aksakov, head of the State Duma committee on the financial market, according to TASS.

According to the official, all introduced restrictions “closure of official representations of Western crypto exchanges in Russia” can be easily circumvented.

“They closed it, but de facto nothing has changed. There is an office in the virtual space there as well, not at any address in Moscow or Cheboksary. Accordingly, people located in Russia, China or America can use this office,” said Aksakov.

In response to the new sanctions package, Russia will push ahead with developing modern technologies.

“It is clear that we will develop our own digital blockchains for the turnover of digital financial assets. The next year will be the year of digital financial assets in Russia, you’ll see,” the official stressed.

Earlier, Aksakov proposed legislatively to prohibit the use of cryptocurrencies as a means of payment on the territory of Russia and to hold those who transact in them liable.

As noted, the law on DFA was enacted in 2020 and took effect on 1 January 2021.

In June 2022, a bill was submitted to the State Duma providing for administrative liability for illegal issuance and exchange of DFAs.

In the same month, Anatoly Aksakov introduced a bill proposing a ban on the use of DFAs as a means of payment on the territory of the Russian Federation. The document was approved in the first reading.

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