Russian ‘Crypto Ban’ Could Come into Force by September, Lawmakers Confirm

A proposed Russian “crypto ban” could be implemented as early as September 1, according to lawmakers in the country. The Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, stated that the bill will introduce a ban on organizing the circulation of cryptocurrencies, with the exception of digital financial assets issued in Russia. The bill is expected to receive support from the Central Bank and government ministries and is seen as a compromise between a total ban and a more regulated approach. Miners, mining pools, and test projects under the supervision of the Central Bank will be exempted from the ban. However, it is uncertain whether the bill will require Russian banks to refuse crypto exchange-related transactions, which would have significant implications for Russian crypto users. Lawmaker Anton Gorelkin emphasized that the bill aims to crack down on illegal crypto exchanges operating outside the Central Bank’s experimental legal regime. The ban could be subject to future revisions. The proposed ban is considered a protectionist measure to shield businesses from Western sanctions. The rollout of crypto regulation has been accelerated following the downgrade of Russia’s compliance rating by the Financial Action Task Force.