The Ministry of Finance is pushing forward with cryptocurrency regulation in Russia. Crypto payments will still be prohibited. Russian government building in Moscow. (Shutterstock) Russia's Ministry of Finance is pushing forward with its plan to regulate cryptocurrencies in the country, and has introduced a bill to parliament.
Is crypto trading a threat to Russia's financial system?
The central bank -- which puts the annual value of crypto trading in Russia at $5 billion -- wants mining and trading shut down, saying it poses a threat to Russia’s entire financial system.
How do foreign crypto exchanges work in Russia?
Foreign crypto exchanges must register legal entities in Russia to provide services in the country. All cryptocurrency-to-fiat transactions must be conducted through bank accounts, and users must go through know-your-customer (KYC) checks with both banks and cryptocurrency exchanges, the press release said.
Can Russian cryptocurrencies be hacked?
Hacking techniques like ransomware could help Russians steal digital currencies and make up revenue lost to sanctions. And while cryptocurrency transactions are recorded on the underlying blockchain, making them transparent, new tools developed in Russia can help mask the origin of such transactions.
