Russian Crypto Clampdown Focuses on Domestic Control, Exempts Mining and Central Bank

Russia introduces stringent crypto regulations from September 1, targeting non-Russian operations while sparing miners and Central Bank projects. The initiative aims to bolster the ruble dominance amid geopolitical tensions.

Russia plans to implement stringent regulations on cryptocurrencies starting September 1, aiming to reinforce the ruble position amidst geopolitical uncertainties. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, leads this initiative, emphasizing the need to restrict non-Russian crypto operations to uphold the dominance of the ruble.

The legislation will permit only digital financial assets issued within Russian jurisdiction, including digital rubles. Notably, exemptions will be granted to crypto miners and Central Bank-sponsored test projects within an experimental legal framework. This move comes as crypto mining significantly contributes to Russia tax revenues, generating over $2.59 billion for foreign trade settlements.

While the circulation of cryptocurrencies will not be banned outright, the creation of exchanges outside the experimental legal regime will be prohibited. There an ongoing internal debate among policymakers, with differing opinions on the extent of regulation.

Finance Minister Anton Siluanov advocates for a moderated stance, emphasizing the importance of regulating cryptocurrencies for domestic and international transactions. Discussions also indicate a potential inclination towards utilizing cryptocurrencies for external payments, supported by Elvira Nabiullina, Head of the Bank of Russia.

Recent reports suggest Russian entities have used cryptocurrencies, particularly Tether USDT, for military technology procurement.

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