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Russia advances bill aimed at curbing crypto fraud
The proposed law would target what lawmakers call the illegal use of cryptocurrencies in Russia, where crypto payments have been banned since 2022.
Russia is working on new legislation aimed at combating crypto fraud, with the State Duma considering a bill focused on preventing what lawmakers describe as the illegal use of cryptocurrencies within the country, according to Bitcoin Magazine.
The report says Russia already banned cryptocurrency use as a form of payment in 2022, but lawmakers have acknowledged the use of crypto for international settlements. It also notes that President Vladimir Putin signed a law last year allowing cryptocurrency mining by legal entities that have been approved by the digital ministry.
Bitcoin Magazine adds that foreign operations are currently banned from doing business in Russia under the country’s crypto framework. The article also says lawmakers have discussed requiring investors to pass a test to start crypto investing and limiting the amount they can buy.
The report describes how Russia’s earlier moves to legalize the use of digital currency for international payments in 2023 may have helped the country work around sanctions. It also states that top Russian banks plan to launch crypto trading services once new regulations take hold.
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