As the latest report from the analytical platform Chainalysis shows, despite the sanctions, Russian crypto services are actively developing and even attracting foreign users.
Eastern Europe: countries by volume of cryptocurrency received.
Recently, the share of traffic directed to cryptocurrency platforms outside of Russia that operate without complying with the “Know Your Customer” procedure has increased sharply.
According to Chainalysis, this trend is due to the fact that large-scale financial sanctions have been imposed on Russia. That is why individuals have begun to turn more often to Russian platforms where they can exchange cryptocurrencies.
Russian Central Exchanges and Exchanges Without KYC
Perhaps because of this, Russia has been able to rise in the global digital asset adoption index and now ranks sixth, despite economic pressures and rising inflation.
Over the past two months, the Russian Federation has managed to surpass several Eastern European countries in this indicator, including Ukraine.
Institutional and professional crypto transactions in Ukraine are gaining momentum as many seek financial stability and cryptocurrencies are seen as a safer alternative. This trend is influenced by global factors such as market volatility, inflation and sanctions, as well as growing institutional interest in bitcoin ETF , — say analysts at Chainalysis.
Thus, it can be stated that the sanctions did not have a significant impact on the Russian economy, at least on its crypto market.
