Russia May Build Offshore Destination for Cryptocurrencies, Exchanges and Forex

Leonid Petukhov, who heads the Far Eastern Agency for Attracting Investments and Supporting Exports, said the island could become an offshore destination for cryptocurrencies, crypto exchanges and forex markets.Bolshoy Ussuriysky lies on the border between Russia and China, with western parts of the long-disputed territory transferred to Beijing following a 2004 agreement.Petukhov made his statements while speaking to TASS at the St. Petersburg International Economic Forum.Russia has already built two offshore economic zones in recent years: Oktyabrsky Island off Kaliningrad and Russky Island in Vladivostok. Neither of them currently deal in cryptocurrencies.Russia’s own long-awaited cryptocurrency legislation is currently being delayed after facing a requirement to include more crypto-specific terminology.

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