The Russian government has shifted its focus on cryptocurrency from plans for a state-level digital currency exchange to regulation of multiple crypto trading platforms throughout the country. The aim is to offer a structured framework for the creation and management of these platforms. The move towards regulation is reported to facilitate cross-border transactions for businesses in Russia and offer alternatives to avoid potential sanctions. The government is steadfast in creating new Bitcoin platforms and maintaining control over the creation and management of crypto platforms, ensuring compliance with legal requirements and providing a structured environment for their operation.

During the initial stages, Russian authorities demonstrated a back-and-forth attitude, initially proposing a complete crypto-payment ban, then introducing proposals for Bitcoin regulations. President Vladimir Putin later signed a law prohibiting payments in digital assets but the country then explored the potential of stablecoins as a means to bypass sanctions.

The Russian Central Bank is expected to assume a regulatory role in overseeing the operations of privately-owned cryptocurrency exchanges, indicating a concerted effort to bring digital asset transactions under the purview of established financial regulations.

Featured image from Cryptowisser