On June 30, Russia saw a launch of a first crypto investment bank[1] aimed to hold initial coins offerings (ICO), while the government is is expected to pass[2] its major crypto and blockchain-related regulatory bill this week.
Meanwhile, there’s been more news coming from Eastern Europe: last week, Poland’s cryptocurrency group the Polish Bitcoin Association (PBS) complained to the government[3], blaming fifteen financial institutions in the country for hindering the industry by deliberately denying service to crypto platforms and selectively closing their bank accounts.
To navigate through the complexities surrounding crypto regulation in the region, here’s a guide covering the majority of Eastern European countries, from Russia to Macedonia.
The list below is based on thorough news research, but should in no way be considered complete. If you have more detailed information on banks and the crypto relationship in your country, we encourage you to share it in the comment section.
Russia
Regulation
The Russian government has maintained a mixed stance on Bitcoin and cryptocurrencies, proposing legislation to ban it outright, and then retracting those statements. However, once President Vladimir Putin announced his decision to begin crypto regulation[4], a substantial bill was introduced, which the State Duma has recently approved, in its first reading[5]. The document was expected to enter into force[6] on July 1, although official confirmation is yet to surface.
The initiative aims of the document are to “minimize the existing risks of using digital objects for transferring assets into an unregulated digital environment for legalization of criminal incomes, bankruptcy fraud or for sponsoring terrorist groups,” as Pavel Krasheninnikov of the leading political party Edinaya Rossia (United Russia) and head of the Legislative Work committee explained[7]
