Categories: Bitcoin

OTC Crypto Trading in Russia is Becoming More Active, Like China

Russia, one of the few countries alongside China and India to have restricted crypto trading, is seeing an increase in demand for over-the-counter (OTC) investment in Traders in China and Russia are evading local restrictions by trading OTC

China, unlike Russia, has strictly prohibited the trading of cryptocurrencies. Hence, it is not legal for local residents and citizens to purchase or hold cryptocurrencies.

But, according to Hong Kong-based publication South China Morning Post, activity in the cryptocurrency exchange market of China has continued to remain active, in spite of the recent efforts of the government to eliminate connections between fintech platforms like Alipay and OTC platforms in mainland.

Financial authorities of China have made it difficult for investors in the country to allocate their holdings in yuan to digital assets. Through shell company bank accounts in Hong Kong, investors have still been able to invest in cryptocurrencies, in large amounts.

“The latest warning and potentially increased monitoring of foreign platforms is targeted at a batch of smaller exchanges that had claimed to be foreign entities, but are in fact operating in China claiming they have outsourced their operations to a Chinese company,” Hong Kong-based digital asset exchange Tidebit executive Terence Tsang Tsang said.

Even in regions like China, it has been challenging for governments to completely ban out Bitcoin and other cryptocurrencies due to the presence of offshore markets that offer services catering to cryptocurrency investors.

Analysts expect the activity of cryptocurrency investors regions like India, China, and Russia to increase consistently in the years to come, regardless of the state of policies in the three countries.

Images from Shutterstock

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