Wages Drop Sharply in Russia’s Crypto Industry: Report

The average monthly salary in the Russian crypto industry has dropped by 40 percent from 2017 levels, data released by the recruiting platform hh.ru reveals.

According to Izvestya, the data shows employers are generally paying less for securities analysts, project managers and legal experts – 100,000 rubles ($1,600). PR specialists, on the other hand, are still in high demand. Despite that, the salaries offered for these experts have fallen by 50 percent – from 800,000 rubles ($12,000) in December to 400,000 rubles now ($6,000) – still a very high wage for Russian standards.

Despite the downward trend, attributed by experts to bearish crypto markets this year and the cooling interest towards cryptocurrencies like bitcoin, hh.ru reports some 100 new vacancies posted by crypto and blockchain companies in the first half of 2018, which indicates a stable demand for expertise in the sector.

Fintech businesses are also willing to offer good salaries to tech directors – up to 600,000 rubles ($9,500), and software developers – 300,000 rubles (almost $5,000).

The average salary in the crypto industry in the first half of this year is estimated at 169,500 rubles ($2,700). Towards the end of 2017, it was reaching 292,000 rubles ($4,600). In comparison, the directors of various departments in Russian ministries and their deputies receive between 200,000 and 800,000 rubles, or approximately $3,000 to $12,000 USD. According to Rosstat, the country’s statistical bureau, the average monthly payment in the Russian Federation was 41,800 rubles, or $663 USD, as of May 2018.

Last week, Russian media reported that cryptocurrency miners and holders in Russia will be regulated under the existing Internal Revenue Code. The government had previously mulled creating special legislation for taxing cryptocurrencies.

The Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, said that lawmakers are looking to pass the bill on digital financial assets, or cryptocurrencies, during the autumn session of the Duma.