Crypto businesses are unsure how to react to new regulations in the Russian Federation.
Russia’s new cryptocurrency-related law, “On Digital Financial Assets,” or DFA, seems to have had little impact on the local cryptocurrency industry so far.
In its current form, the DFA law essentially provides legal status to digital assets like Bitcoin (BTC), but prohibits their use for payments in Russia.
As the DFA law is poised to be officially adopted in less than four months, Cointelegraph talked to major crypto firms operating in Russia to get their take on how the new law can impact their business.
Based on comments from executives at companies like Binance, Waves, Paxful, LocalBitcoins, and Wirex, companies aren't exactly scrambling to adapt to the new law, largely due to its ambiguous language.
Many in the industry don't understand the new law
Anton Kozlov, head of the Russian market at Paxful, said that the DFA law has caused a lot of confusion.