Legislative Efforts Underway for Crypto Regulation
Business and government officials in Moscow have concluded that Russia cannot effectively combat fraud without comprehensively regulating its cryptocurrency space. These statements coincide with ongoing legislative efforts to achieve this goal, culminating in a new draft law slated for parliamentary review in the upcoming spring.
Legalizing Domestic Crypto Exchanges is Crucial, Lawmaker Argues
Anton Gorelkin, first deputy chairman of the Committee on Information Technology and Communications at the State Duma, emphasized the necessity of developing rules that permit the legal operation of domestic cryptocurrency exchanges. He articulated his position on Telegram, highlighting that fraudulent schemes are exploiting foreign coin trading infrastructure to launder proceeds from their illicit activities within Russia, thereby impeding investigations.
Gorelkin pointed to instances where fraudsters have used Belarusian crypto exchanges to defraud Russian citizens, generating millions of dollars in turnover within the neighboring country. From a legal perspective, these crimes are then classified as occurring in Belarus, which significantly complicates efforts by Russian law enforcement agencies to identify and apprehend the perpetrators.
This is precisely why it is necessary to regulate crypto exchanges and create conditions for them to operate legally in Russia.
He also referenced the new regulatory concept released by the Central Bank of Russia, which includes an annual limit of 300,000 rubles (approximately $3,800) for digital asset purchases by non-qualified investors. Gorelkin explained that this threshold is intended to help mitigate the damage caused by fraudsters, as the victims of such schemes typically possess a limited understanding of the crypto market.
Sberbank Advocates for a Robust Legal Framework for Cryptocurrencies
Russia's largest bank, Sberbank, has also joined the call for the implementation of proper cryptocurrency rules. A high-ranking representative from the institution warned that effective fraud prevention is impossible without comprehensive regulation of the crypto space.
Stanislav Kuznetsov, deputy chairman of the Management Board of Sberbank, stated that cryptocurrencies are increasingly being utilized by criminals as a means to convert and withdraw stolen funds. He noted that the absence of clear legislation limits anti-crime efforts to addressing the consequences rather than the root causes.
To combat illegal schemes, it is necessary to create a modern legal framework and a system of transparent standards and rules for participants in the cryptocurrency sector.
Kuznetsov stressed the importance of involving crypto exchanges and other platforms in efforts to prevent trading through money mules. This includes their participation in data exchange within the national "Antifraud" information system. He further elaborated that without regulating the cryptocurrency market, it becomes impossible to block withdrawal channels for stolen funds, rendering fraud prevention measures less effective.
The Sberbank executive referenced Belarus's experience in this domain, highlighting that cryptocurrency transactions within Russia's closest ally are only permitted through platforms registered in the country. This allows for stricter control and the freezing of suspicious transactions.
The timely establishment of balanced regulation will not only effectively combat fraud but will also become another driver for the development of a modern and secure digital economy in Russia.
Stanislav Kuznetsov also disclosed that financial pyramid schemes operating in the Russian Federation, which increasingly present themselves as crypto brokers, defraud citizens of an average of 1 billion rubles.
Russian lawmakers have already drafted a bill to implement the policy proposed by the Bank of Russia, as announced by Anatoly Aksakov, head of the Duma Committee on Financial Markets. The legislation is anticipated to be adopted by July 1, 2026.