Business and FinanceLaw and Legislation

Installing Crypto-ATM May be a Crime: Russian Officials Reply

Due to the installment of two crypto-ATMs that allow purchasing BTC for Rubles by a 34 year old businessman in local shops in the district of Kazan, Russian regulators have issued a very impacting warning.

The officials [according the the Gov website] describe the move of putting-crypto ATMs to function could be declared as a crime and it should be reconsidered before the installment goes any further.

The warning even showcases Russian gov position towards cryptocurrencies as the purchase could be linked with terrorism [based on the reply]:

“Currently, the legal status of crypto-currency in the Russian Federation is not defined. The provision by Russian legal entities of services for exchanging “virtual currencies” for rubles and foreign currency, as well as for goods (work, services) is considered as potential involvement in the implementation of questionable transactions in accordance with the legislation on combating the legalization (laundering) of proceeds from crime, and the financing of terrorism.”

The warning follows a general cooling in Russia regarding cryptocurrencies after Putin and other government officials expressed concern and even threatened bans. Nevertheless, the Russian government has laid out plans to issue their own ‘CryptoRuble’.

Alex Tomzack
About author

Alex Tomzack is a crypto-enthusiast and has been fascinated since first hearing about it. Loves technology, writing, culture while being a regular trader and holder of digital assets. Email:
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