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
Binance is one of the largest crypto exchanges with low fees, 100s of coins, and high trading leverage. It is one of the easiest & cheapest exchanges for crypto trading.
- Hundreds of coins and pairs
- Very low fees
- High liquidity
- Trade without verification
- No US residents
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
An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.
- Fully regulated financial institution
- Free stock and ETF trading
- Ability to follow expert traders
- Fees (spreads) are high
- Only USD as base currency
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required