Russia Cracks Down on Crypto with New Intermediary Requirement
Russia has approved a package of draft cryptocurrency bills that aim to legalize digital currencies and rights in the country.
The proposed rules would prohibit crypto transactions that do not involve a licensed intermediary, placing significant restrictions on retail investors who would face competency tests before buying any digital assets.
Annual purchases through a single intermediary would be capped at 300,000 rubles (approximately $3,700), and the Bank of Russia would determine which cryptocurrencies qualify as liquid enough for retail purchase.
Critics argue that these rules will drive activity underground rather than bring it into the open, with Sergey Mendeleev comparing the expected outcome to gambling restrictions and Nikita Zuborev warning that the legislation will dismantle Russia's accessible infrastructure for converting crypto to fiat.