During the last few years, the number of qualified investors interested in the Russian financial industry have turned their attention towards the new generation of financial products. Whether it is the fintech industry or other related sectors related to it, enterprisers can set up various types of business in Russia.
Among the latest developments registered in the financial industry in Russia is the possibility of setting up cryptocurrency companies. Until recently the government had rejected the idea of using digital money for transactions in any field, however at the beginning of the year, the Russian National Bank has decided to create its own cryptocurrency.
Our lawyers in Russia can offer information on the regulatory framework covering cryptocurrency in this country.
Setting up a Russian cryptocurrency company does not imply any special requirements, as the general criteria related to the business form and share capital requirements are the same as for any other type of company. Also, it should be noted that cryptocurrency companies are not considered financial companies if they only create digital currency, however they could fall under the legislation on financial services if they sell or use e-money for investment purposes.
If you want to open a cryptocurrency company, it is best to request the advice of a law firm in Russia in order to know the exact registration and licensing requirements.
Russia has become more open towards the use of cryptocurrencies in the past year which has attracted a new wave of young entrepreneurs to create startup companies here. Also, even if until now a specific legal framework for the use of cryptocurrency has not been set in place, in June 2017, the Russian Ministry for Finance has announced it will soon create the regulations which will allow the use of digital currency and which will also enable the Central Bank to create a national e-currency.
Given the latest developments and the fact that blockchain and cryptocurrency are new additions to the financial industry, opening a cryptocurrency company in Russia could be a good idea for a startup business.
For assistance with the registration process of a cryptocurrency company, please contact our Russian lawyers.
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