Russia to Prioritize Cryptocurrency Legislation in Upcoming Year

According to PANews, Anatoly Aksakov, Chairman of the Financial Markets Committee of Russia's State Duma, has announced that cryptocurrency and stablecoin regulation will be a legislative priority for Russia next year. As the country moves to regulate its crypto sector, establishing a legal framework for digital finance is deemed essential. Aksakov noted that the Russian Central Bank plans to implement comprehensive cryptocurrency regulations by 2026. Historically, Russian regulators have opposed unrestricted cryptocurrency trading within the national economy. However, this week, they signaled a willingness to ease restrictions on crypto circulation. Currently, crypto assets and derivatives can only be traded within a highly limited "experimental legal regime" by a select group of privileged market participants, including foreign trade enterprises, financial companies, and "highly qualified" investors. Russian monetary authorities are in discussions with the Ministry of Finance to broaden investor access and regulate transactions outside the "experimental legal regime." Previously, authorities indicated that banks would be permitted to engage in digital currency-related activities and that funds could invest in crypto-based derivatives.