Russian authorities are tightening control over cryptocurrency transactions ahead of the digital ruble launch. New regulations complicate the use and trade of digital assets.
National Payment System Law
The federal law 'On the National Payment System' allows banks to restrict access to accounts involved in suspicious transactions. According to the news outlet Bits.media, accounts can be blocked if they receive funds linked to illegal activities.
Money Laundering Legislation
Russian banks can also freeze accounts under the law 'On combating the legalization of proceeds from crime and the financing of terrorism.' This law permits banks to block any sale of cryptocurrency through P2P platforms and digital exchanges. Critics indicate these measures could impact regular users of crypto services.
Digital Ruble Launch Plan
Russia is preparing for the full implementation of its digital ruble, which is set to launch on September 1, 2026. The Central Bank of Russia plans to introduce a universal QR code for payments and continues to oppose the use of cryptocurrencies as a means of payment.
Through these new legislative initiatives, Russia aims to enhance its control over cryptocurrencies, potentially affecting the digital asset market in the country.
