Russia’s OTC Bitcoin Trading Is Very Active, Like India and ChinaSeptember 14, 2018
Russia sees a considerable increase in the need for OTC or over the counter investment in BTC and other types of digital currencies, and this is according to the reliable report.
The regular trading amount of major digital currencies like etherum and bitcoin in Moscow, Russia alone arrive at USD50 million, which is quite lower in comparison to main digital currency exchanges, however large given the uncertainty of the regulations in the said country.
At present, investing in digital currency is legal based on local regulations. This is because this asset is regarded as properties, provided the fact that the invested capital comes from a legitimate source, it’s technically legal for Russians to hold digital currency.
Improbability in Regulatory
Still, at this point, Russia has continued to witness stagnation in the development of its digital currency market because of a lack of policies and regulatory frameworks. While residents are officially permitted to invest in cryptocurrency, it stays unsure whether businesses are allowed to run crypto trading platforms.
Earlier this year, the government of Russia outlined three bills around digital currencies and businesses related to this asset, addressing the validity of exchange companies and digital currency trading. Sad to say, the approval of the said legislation was delayed.
China Seeing The Same Trend
Not like Russia, China has firmly banned the trading of digital currency. Hence, its citizens and residents aren’t officially allowed to buy or hold digital currencies.
On the other hand, according to a reliable source, activity in the digital currency exchange market in the said country has continued to keep active, regardless of the current attempts of the administration to wash out connected between fintech platforms like OTC and Alipay in mainland China.
China financial authorities have made it hard for investors to distribute their holding in Yuan to cryptocurrencies. Using shell company bank accounts in Hong Kong, traders can invest in this asset, regardless of the amount.
Terence Tsang Tsang, digital asset exchange Tidebit executive, based in Hong Kong stated that the current notice and potentially improved tracking of foreign platforms is embattled at a batch of smaller digital currency exchanges which has claimed to be unknown entities, however are operating in mainland China asserting they have subcontracted their operation to a company based in China.
Experts look forward to the activity of digital currency investors’ countries like Russia, China, and India to increase steadily in the future, in spite of the policies and regulations in the said regions.