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The share of Russia in the market of shadow crypto operations reaches 40%
08.04.2021 [15:37],
Vladimir Fetisov

It became known that Russians more often than others use cryptocurrency exchanges through which transactions on the darknet pass. Kommersant writes about this with reference to the data of the Claim company, whose analysts have calculated that the share of Russia in the global market of shadow crypto operations was 40% in 2021.

Experts noted that Russia has become the main jurisdiction for cryptocurrency exchange and trading platforms with a low level of user verification. As part of this research, the company analyzed more than 200 similar platforms, including LocalBitcoins, BitBitz, BitZlato and WebMoney. The Claim message notes that by the end of 2021, the number of users of exchanges with a low level of verification worldwide has reached 350 million people.

According to analysts, the growth of Russia’s share in the market for illegal crypto operations may be associated with the high popularity of services in the shadow segment of the Internet in the country. For example, the main counterparty with the largest volume of illegal transactions in 2021 was the Hydra service.

The message notes an increase in the total volume of transactions on cryptocurrency exchanges. At the end of last year, this figure grew by almost a third and exceeded $ 19.7 billion in monetary terms. At the same time, the volume of transactions between services of the shadow segment of the Internet and exchanges in 2021 amounted to about $ 800 million. Due to the strengthening of verification requirements on cryptocurrency platforms, the volume of illegal transactions is gradually decreasing. So, last year it amounted to only 2% of the total turnover of all cryptocurrency exchanges.

Alexander Zhuravlev, Chairman of the Commission on Legal Support of the Digital Economy of the Moscow Branch of the Association of Lawyers of Russia, commenting on this issue, noted that shadow platforms for exchanging cryptocurrencies are currently in a gray zone from the point of view of Russian legislation. However, regulation in this area is gradually becoming stricter. In January of this year, the law on digital financial assets came into force, according to which all exchanges must be entered in the appropriate register. In addition, the State Duma is considering a bill that proposes the introduction of mandatory declaration of cryptocurrencies.

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