Russia is setting the stage for a new digital asset framework that will initially be available only to a select group of investors. This move is part of an experimental legal regime aimed at regulating the country’s digital asset market while maintaining control over its financial system.
New Experimental Digital Asset Framework
The Russian Ministry of Finance and the Central Bank are working on a structured regulatory framework to oversee digital assets in the country. According to Alexey Yakovlev, Head of the Financial Policy Department at the Ministry of Finance, the framework will be implemented as an “experimental legal regime.” The primary goal is to facilitate digital asset access for Russian investors while ensuring strict oversight.
Currently, digital asset trading and storage are permitted in Russia, but their use for local transactions remains prohibited. Yakovlev stated that while international transactions involving digital assets have been structured effectively, their domestic usage requires more comprehensive regulations.
Only Elite Investors Will Be Allowed
The new regulation will apply exclusively to “super-qualified investors.” Although the criteria for this category are not yet clearly defined, the government intends to restrict access to ensure that participants operate within safe financial parameters. This approach is aimed at preventing potential risks to the financial system while gradually expanding the legal framework for digital assets.
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In recent years, Russia has made significant efforts to integrate digital assets into cross-border transactions, particularly in collaboration with BRICS nations. The country has also emphasized Bitcoin mining as part of its economic strategy. However, the absence of a formal licensing system for crypto exchanges has led Russian investors to rely on foreign platforms.
US and EU Crack Down on Russian Crypto Exchange
One of Russia’s largest digital asset exchanges, Garantex, has been shut down by US and European authorities. The US government accused the platform of facilitating illicit financial transactions, leading to the seizure of its servers and databases. The US Department of Justice has charged two individuals, allegedly connected to Garantex, with money laundering offenses, which could result in up to 20 years in prison.
Prior to the crackdown, Tether froze Garantex wallets, locking more than $28 million in USDT. This action forced the exchange to suspend its operations. Garantex officials responded on Telegram, stating, “Tether has declared war on the Russian crypto market.”
As Russia moves forward with its digital asset regulations, The Bit Journal will continue to monitor developments, providing insights into how these regulations impact the broader crypto landscape.
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