Lawmakers Confirm Russian ‘Crypto Ban’ May Be Enacted by September

Lawmakers in Russia have confirmed that a “crypto ban” could be implemented by September 1. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, stated that the bill will propose a ban on organizing the circulation of cryptocurrencies, with the exception of digital financial assets issued in Russian jurisdictions. This includes digital coins issued by Russian banks and the Central Bank’s digital ruble project. The bill is expected to receive little opposition in the State Duma if it has the support of the Central Bank and government ministries. The Central Bank has previously advocated for a total ban on crypto, while ministries have called for a more regulated approach. The new bill seems to be a compromise, with some concessions for firms affected by international sanctions. Aksakov clarified that the ban would apply to the organization of crypto circulation in Russia, but exceptions would be made for miners, mining pools, and test projects supervised by the Central Bank. The bill may also include provisions that could lead Russian banks to refuse crypto exchange-related transactions, posing a challenge for Russian crypto users. However, Deputy Chairman Anton Gorelkin claimed that the bill would not prohibit the circulation of cryptocurrencies, but rather the organization of circulation. He stated that the aim of the law is to crack down on illegal crypto exchanges operating outside the Central Bank’s experimental legal regime. The ban could be subject to future revisions, and it is likely that the sale of industrial crypto miners’ coins to overseas buyers will be supervised by the experimental legal regime. The top anti-money laundering regulator in Russia is monitoring over 25,000 domestic crypto users and has urged the government to expedite the implementation of crypto regulation.