First crypto backed loan in Russia

Russian banks decided not to wait clear regulatory policy and started issuing crypto loans are not waiting for full regulatory clarity to issue crypto loans.

Russian commercial bank Expobank has become the pioneer in this sphere. Based on the information from Kommersant, Expobank provided gave first loan backed by Waves (WAVES) tokens.

This information has been confirmed by Waves CEO and founder Alexander Ivanov, who mentioned the loan used Waves tokens as security.

The loan has been issued to local businessman Mikhail Uspensky, who managed to confirm his intention to use Waves tokens without selling them.

The lawyers are sure that new loans type has a potential for recognition under Russian legislation requirements.

Kirill Nikitin, the representative of law firm Vegas Lex, mentioned that the turnover of crypto assets in Russian is still related to lot of uncertainties of legal kind. The most up-to date question is related to crypto transfers legitimization.

Such question has appeared due to recently enacted law prohibiting crypto payments. This aspect should be clearer after adoption of another crypto related law at the end of 2020.

At the same time, other legal experts convince that Waves tokens can be legally used in Russia as they are not treated a payment-related tool.

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