Russia Explores Creation Of Offshore Destination for Cryptos, Exchanges & Forex
News agency TASS has reported that Russia is considering developing a huge finance focused centre on the island of Bolshoy Ussuriysky. According to Leonid Petukhov, who manages the Far Eastern Agency for Attracting Investments and Supporting Exports, informed that the island could turn into an offshore centre for crypto exchanges, cryptocurrencies, and forex markets.
Geographically, Bolshoy Ussuriysky Island is at the Russian-Chinese border, with the control of the western region handed over to China, following an agreement in 2004. Information regarding the offshore financial centre was revealed by Petukhov to TASS at the St. Petersburg International Economic Forum.
In the past few years, Russia has setup two offshore economic zones. They are Oktyabrsky Island off Kaliningrad and Russky Island in Vladivostok. However, cryptocurrencies are not dealt in neither of the islands.
Russia’s stance towards cryptocurrencies is mixed. Last week, news emerged that Russian Duma is looking at the option of slapping fines on cryptocurrency mining by June end.
Notably, state-owned Sber bank’s CEO has stated that the institution will not venture into the development of crypto-related facilities. In 2018, authorities in Crimean peninsula, which Russia claims ownership, looked at the possibility of setting up a blockchain zone to lure more tech startups to that region.
The most anticipated cryptocurrency regulation in Russia continues to get delayed due to demand for inclusion of crypto specific terms.