Despite the fact that European and American exchanges

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The fact that Binance, CommEX, and similar services are ceasing operations in Russia does not mean that the country is completely cut off from the crypto economy. However, today even private investors or users of crypto services should have a minimum understanding of sanctions regulation, compliance procedures, and anti-money laundering laws. You can store cryptocurrency on decentralized crypto wallets that do not require verification, but if you new zealand whatsapp resource make payments, issue loans, engage in investment or any other activity related to cryptocurrency and are not prohibited by Russian laws, it is better to do this through a licensed service.

have left the market, a number of countries where cryptocurrency is legally allowed have not imposed sanctions against Russia. For example, the High-Tech Park (HTP), a special economic zone in Belarus, has several crypto exchanges and crypto exchangers that allow users to trade crypto assets, as well as exchange cryptocurrencies for fiat money, and vice versa. HTP crypto services can provide their services not only to Belarusian citizens and companies, but also to foreign clients, including Russian citizens who are not on the sanctions lists. In Uzbekistan, the legislative framework regulating transactions with cryptocurrencies and other digital assets has already been formed, and the National Agency for Prospective Projects (NAPP) issues licenses to cryptocurrency platforms, including crypto exchanges.

The services operating in these countries adhere to strict international recommendations from the FATF (the main international body for combating money laundering), implement enhanced KYC processes, obtain licenses in accordance with the requirements of the law (the list of licensed providers is usually publicly available on the regulator's website), and the download from the personal account of such services can be provided to banks, tax authorities and other inspection bodies. Such activities will be absolutely legal both from the point of view of Russian laws and from the point of view of international rules.

For Russian businesses, the situation is a bit more complicated, but not hopeless. Companies that use cryptocurrency as a means of settling accounts with counterparties, issuing loans, accumulating funds, as well as companies that use, buy or issue NFT (Non-Fungible Tokens) or other tokens on the blockchain, should be especially vigilant and either hire a compliance officer or be in constant consultation with such specialists. On the one hand, the opportunity we described for citizens is also open to businesses. On the other hand, for commercial transactions and large turnovers, additional compliance rules apply, which should be carefully analyzed in each individual case before performing any crypto transaction, starting with opening a personal account in a crypto service.

It is also critical for businesses in today’s economic landscape to recognize the need to develop and implement internal compliance procedures for working with crypto assets. This is not only a legal requirement, but also a strategic necessity that helps ensure the legal conduct of business in the new economic reality.

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