It took Russia up until 2017 to actually declare cryptocurrencies as "not illegal". The central bank of the country has stated that it is against the regulation of these new digital currencies as money, but it also does not recognize them as a foreign currency. Their finance minister then went on to say it's "probably illegal" to accept cryptocurrencies as payment.

There have also been other rulings where Bitcoin markets have been banned or restricted, and decisions by courts where these currencies have been outlawed by territories of the Russian Federation. This means Russia cryptocurrency regulation is a little hit or miss. This should be very troubling for investors or ICOs in the country because the lack of uncertainty from the government is alarming.

While the country scores fairly high on our list right now, investors should not expect that to last. It's very possible that the government and central banking authority could change their mind when it comes to digital currencies, and that could put business owners and individuals in a tight spot.

However, these uncertainties don't seem to be hampering adoption within the nation and cryptocurrencies are a booming business. Many believe that they will avoid an outright ban however as the prospect of bolstering their economy using digital currencies and the businesses that utilize them is very attractive to the country's leaders.