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<h2 id="header-0">According to a Russian politician, the European Union&#39;s new crypto sanctions will probably accelerate the growth of the nation&#39;s digital asset sector.</h2><p>The head of the legislative Financial Market Committee, Anatoly Aksakov, is confident that Russians will be able to get around the limitations. Major exchanges apparently let Russian users know that trade is still going on.</p><h2 id="header-1">Duma Member: Russians Find Ways to Avoid Growing European Crypto Sanctions</h2><p>This week, the EU enacted its eighth round of sanctions against Russia in retaliation for the recent escalation of the military war in Ukraine and the takeover of Ukrainian territory. These sanctions are intended to harm Russia&#39;s government, economy, and energy exports. Targeted also included Russian cryptocurrency access, which was seen as a way to get over banking limitations and export riches.</p><p>The supply of cryptocurrency wallet, account, and custody services to Russian citizens and entities has been outlawed entirely by the Council of the European Union. However, a senior Russian lawmaker was quoted by the Tass news agency as saying that the EU decision may potentially encourage the growth of the Russian digital financial asset (DFA) sector.</p><p>Anatoly Aksakov, the chairman of the State Duma&#39;s Financial Market Committee and a member of the lower house of the Russian parliament, voiced this opinion. He has played a significant role in recent initiatives to control the nation&#39;s cryptocurrency market, including the usage of virtual money in cross-border transactions. Moscow officials have been debating the subject for more than a year and are now considering extending the present legal framework, which primarily governs DFAs with an issuer like tokens.</p><p>The most recent set of EU sanctions increases the constraints that were already in place. The 27-strong bloc earlier this year restricted only &#34;high-value&#34; crypto-asset services for Russians and Russian-registered organisations, those for digital holdings exceeding €10,000 in fiat value (roughly $11,000 at the time, less than $10,000 now). This restriction was part of its fifth package of measures, which was approved a little over a month after Russia began its invasion of Ukraine.</p><h2 id="header-2">Recent EU Sanctions, No New Restrictions for Now: Binance and Huobi</h2><p>Similar choices have been taken in the past. Although they closed their official Russian representative offices for their cryptocurrency exchanges, nothing actually changed. Anatoly Aksakov explained further, adamant that Russians could easily circumvent the restrictions, saying that there might also be an office in the virtual space rather than at a specific site in Moscow.</p><p>The largest cryptocurrency exchange in the world, Binance, initially only allowed withdrawals for Russian accounts with balances over €10,000, but it has now informed users that it did not impose any limitations, according to a report from Bits.media. Huobi, a different significant platform, stated that it &#34;continues to support the stable trading of Russian users.&#34;</p><p>None of the top seven international crypto exchanges, including Bybit, Coinbase, FTX, Kraken, and Gate.io, which are also popular with Russians, is a &#34;European resident&#34; for whom the procedures would be required, the Russian crypto news source said. Sergey Mendeleev, CEO of defi banking platform Indefibank, and other Russian crypto specialists do not believe that most cryptocurrency companies would quickly execute the EU resolution that targets all Russian consumers because doing so will result in market share losses.</p><p>Additionally, these limitations encourage the advancement of contemporary technologies. You&#39;ll see, Aksakov assured him, that 2019 will be the year of digital financial assets in Russia. His remarks come as State Duma members get ready to pass a new law titled &#34;On Digital Currency&#34; that will control the use of decentralised crypto assets like bitcoin in cross-border crypto payments between Russian businesses and their international partners.</p>

Russia's Own Crypto Market to be Stimulated by Recent EU Sanctions

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