Russia Pushes New Legislation to Target Crypto Fraud

The Russian State Duma is moving forward with new legislation focused on stopping digital asset fraud. Anatoly Aksakov, who heads the Financial Markets Committee, stated the goal is to prevent the illegal use of cryptocurrencies inside the country. Lawmakers are scheduled to vote on the bill during its second and third readings later this week.

Beyond cracking down on fraud, the government is clarifying how companies can use digital assets for international payments. While domestic crypto payments have been banned since 2022, the state continues to find ways to use these assets for cross border settlements. This approach serves as a way to handle business amid heavy international sanctions.

Looking ahead, the market expects top Russian banks to introduce crypto trading services once these rules become official. However, retail investors should prepare for new hurdles. Officials have indicated that regular investors will likely need to pass a mandatory knowledge test and will face strict purchase limits.

The broader stance remains interesting as the state balances caution with innovation. President Vladimir Putin has previously acknowledged the difficulty of banning digital assets like Bitcoin, noting that the technology is too decentralized for any single authority to stop. The upcoming rules will be the next major step in shaping how the nation interacts with the global crypto market.