Russia may set up offshore zone for cryptocurrency and FX trading on Chinese border

Cryptocurrency • June 10, 2019, 4:45AM EDT
UPDATED: June 10, 2019, 4:40AM EDT
The Block

Russia is considering setting up an offshore financial centre for cryptocurrency and international trading, beincrypto writes. The special zone would be located on Bolshoy Ussuriysky Island, located on the Chinese-Russian border.

Leonid Petukhov, the head of the Agency of the Far East for Investments and Exports (IPA), proposed the venture during the St. Petersburg International Economic Forum Saturday. According to Petukhov, the new financial centre would serve as a hub for cryptocurrency trading and crypto-related stock exchanges, as well as foreign exchange markets. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

There are two other two offshore economic zones in Russia already: the Russky Island in Vladivostok and the Oktyabrsky Island in Kaliningrad. Neither of the financial hubs deals with cryptocurrencies, though. 

Similarly, in the Philippines, another cryptocurrency hub is being built in the Cagayan Special Economic Zone, striving to be "the Crypto Valley of Asia."

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

More by Carol Gaszcz

More by Isabel Woodford