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Russia’s new cryptocurrency legislation has brought platforms like Garantex and Exved into the spotlight as potential vehicles for implementing the country’s evolving crypto regime. Garantex, a prominent exchange with a history of processing transactions for designated actors, and Exved, a cross-border payment service, both founded by crypto entrepreneur Sergey Mendeleev (pictured left), are well-positioned to play crucial roles in Russia’s efforts to mitigate sanctions through digital assets.
These platforms’ capabilities in facilitating ruble-to-crypto conversions and cross-border transactions align closely with Russia’s strategic goals. However, their potential involvement raises significant compliance and regulatory concerns for the international financial community, highlighting the complex challenges posed by Russia’s push into the cryptocurrency space.
Garantex is a prominent cryptocurrency exchange that has become a significant player in the Russian crypto market. The platform has found a niche in converting rubles into other currencies, which has become increasingly valuable amid sanctions on Russian banks. Garantex positions itself as a leader in self-regulation for the Russian crypto industry, recognizing its role as a major player in the market. However, Garantex has faced scrutiny from international authorities:
Exved is a more recent entrant to the Russian crypto scene:
Sergey Mendeleev is a key figure in the Russian cryptocurrency landscape:
The Chainalysis report and other sources suggest that these platforms could play a significant role in Russia’s new cryptocurrency legislation:
Given their established presence, technical capabilities, and alignment with Russia’s strategic goals, Garantex and Exved, along with Sergey Mendeleev’s expertise, could indeed become key vehicles for implementing Russia’s new cryptocurrency regime. However, this also raises significant compliance and regulatory concerns for international financial institutions and regulators.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ruchi Rathor Founder at Payomatix Technologies
06 September
Alexander Boehm Chief Executive Officer at PayRate42
05 September
Erica Andersen Marketing at smartR AI
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