Russia relies on a strong financial industry which recently has started adopting new regulations which allow the use of technology to create innovative products. The Russian Central Bank has admitted the use cryptocurrencies and is even thinking about creating a national digital currency, therefore slowly but steadily financial technology is finding its way into Russia.
Foreign investors have picked up on this trend and the number of those setting up fintech businesses is starting to rise in Russia. If you need information on the legislation related to the fintech industry, you can obtain it from our law firm in Russia.
Both local and foreign enterprisers can register companies in the financial sector in Russia with the mention that they need approval from the Central Bank and the Financial Supervisory Authority in certain cases. Russian companies already activating in the financial field can also engage in the creation of new technologies which can then be integrated in their services.
No matter the way one chooses to create a financial business, he or she can rely on the services provided by our lawyers in Russia with respect to the registration of the company. We can also advise on the licenses related to starting a fintech company in Russia.
One of the most developed branches of the fintech is the digital payments segments, as Russian cities host a great number companies providing merchant account solutions. With an annual growth rate of 18%, by the end of 2020, the Russian fintech sector is expected to generate incomes worth 63 billion USD. Blockchain technology is also starting to become popular in Russia, as the number of fintech startups offering mobile payment solutions has grown in 2016.
It should also be noted that in the past year, the National Bank has created new departments related to cybersecurity, cloud data storage, identification technology, artificial intelligence and Internet-of-Things solutions are being developed.
If you want to open a fintech company in Russia and need help, do not hesitate to contact us. Our Russian lawyers can also advise you on the laws applicable in the fintech industry.
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