Russia Cracks Down on Crypto Trading with New Draft Regulations
The Bank of Russia has published new draft regulations for organized trading in digital currencies. The move is part of the country's broader efforts to regulate and normalize the use of cryptocurrencies, following a bill passed in 2023 that allows their use for international payments.
The new rules require crypto exchanges and similar organizations to integrate digital assets into their existing systems for pricing, monitoring, and reporting, using the same processes as they do for regular currencies and securities.
This development is significant, given Russia's complex relationship with Bitcoin. While using crypto has been illegal in Russia as a form of payment since 2022, lawmakers have been open about exploring its use for international settlements.