Russia Moves to Penalize Illegal Crypto Use While Fast-Tracking Legalization
Russian authorities are drafting legislation to impose penalties for unauthorized cryptocurrency transactions, even as a major bank pushes for accelerated legalization of digital assets. The Central Bank of Russia (CBR) insists on prosecuting crypto operations conducted outside regulated frameworks, citing concerns over fraud and money laundering.
CBR Governor Elvira Nabiullina emphasized the need for systemic regulation during a financial cybersecurity forum. "Fraudsters are taking advantage of the gray market," she stated, advocating for strict liability measures. The proposed rules could be finalized by summer, potentially leading to a crackdown on foreign exchanges.
Russian crypto sellers already face banking restrictions, with transactions frequently flagged and suspended. The MOVE reflects Moscow's tightening grip on the digital asset space while cautiously embracing its potential.
