How to Buy Cryptocurrency in Russia
Buying cryptocurrency in Russia
Since the use of cryptocurrencies and crypto tokens has significantly increased in the Russian Federation, the country’s government debated how to define them and how to include them into the legal system, along with how to determine taxing procedures for cryptocurrencies. In December 2020, Bill No. 1065710-7 was introduced to the Russian Parliament by the country’s government. Put forward by the Ministry of Finance in November, this bill included solutions on how to regulate possession and circulation of cryptocurrencies, as well as how to define responsibility for rule violations, established in the bill. It also requires all individuals, citizens, and entities which operate in the Russian Federation to state their cryptocurrency holdings. The bill also sets up tax liability in case of failure to divulge information or providing false information about cryptocurrency transactions. Amendments in the bill provide for recognition of cryptocurrencies as assets and lay out their taxation appropriately.
As of 20/03/2021
These exchanges all accept customers from Russia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options