On Jan. 20, the Central Bank of Russia (CBR) issued a report summarizing its position on digital assets and proposing a ban on any crypto trading and mining operations in the country. Although the CBR’s strict position on the matter was never a secret, such a bold statement triggered waves of fear, uncertainty, and doubt — otherwise known as FUD — across the board, given Russians’ high rates of involvement in the global digital assets market. Yet, there are reasons to doubt the ultimate effectiveness of the CBR’s hardline bidding, both in terms of its enforceability and its acceptance by …

In a new twist of the Russian crypto regulation saga, the country's Ministry of Finance has come forward with an initiative that stands in stark contrast with the Central Bank's hardline position. The Central Bank of Russia recently called for a ban on crypto trading and mining activities throughout the country. Citing volatility, environmental impact, and use in illegal activities, the central bank published a report calling regulators to implement a total ban and impose strict sanctions on violators. However, the proposal received opposition from the Russian Ministry of Finance. A few days after the central bank's call for a …

Russian president Vladmir Putin has given crypto enthusiasts a glimmer of hope for the future of digital assets in the country, which have been under threat from a recent push to ban cryptocurrencies and mining. The strongman leader opened a Jan 26 video conference with members of the Russian government by saying he would like to “start with an issue that is currently in the spotlight — the regulation of cryptocurrencies.” “Of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country.” According …

In surprising comments made by the Russian director for financial policy, Russia could be softening its stance towards crypto. Ivan Chebeskov, a director within the Ministry of Finance has come out in support of regulating the cryptocurrency rather than banning it. His support is a response to the Russian central bank proposing a blanket ban on crypto mining and trading. According to Chebeskov, banning cryptocurrencies operations and mining will lead to the country lagging behind the worldwide tech industry. The minister instead suggested that cryptocurrencies should be regulated: We need to give these technologies the opportunity to develop. In this …

Russia’s recent ban on crypto has drawn criticism from a number of big names, including Alexei Navalny’s chief of staff Leonid Volkov, and Telegram founder Pavel Durov. On Jan. 20, Russia’s Central Bank published a report proposing a blanket ban on domestic crypto trading and mining. The report stated that the risks of crypto are “much higher for emerging markets, including Russia.” However, it appears that this proposed ban isn’t universally accepted in the former Soviet Union. A Jan. 22 post by the Telegram founder, Pavel Durov stated that the proposed ban on crypto would “destroy a number of sectors …

TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets. The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday. Citing data from Aximetria, the report suggests that TCS purchased 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Given that Aximetria’s total share capital was about 535,000 francs ($578,000), the publication reported TCS’ stake to be around 83.2%. A spokesperson for Tinkoff confirmed the news to Cointelegraph, stating that Aximetria will be …

Binance, the world’s largest cryptocurrency exchange, is putting more effort into increasing compliance in the Commonwealth of Independent States (CIS), Russia and Ukraine. Binance is planning to extend its operations in the region and boost local cryptocurrency compliance and education, Gleb Kostarev, Binance’s head of operations for Russia and the CIS, told Cointelegraph on Tuesday. The company additionally expects to focus on the local Binance Smart Chain (BSC) development and community, he noted. As part of the effort, Binance announced several local hires, including Olga Goncharova, Binance’s new director of government relations in Russia and the CIS. Goncharova previously served …

Sber, the Russian government-backed company and the largest bank in the country, is launching a blockchain exchange-traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital. Sber Asset Management officially announced the news on Thursday, stating that the new ETF is linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto assets. Called “Sber — Blockchain Economy,” the fund is set to trade under the ticker SBBE and will track the eponymous index developed by Sber’s investment subsidiary SberCIB. SBBE’s portfolio will include some of …

Amid the ongoing uncertainty about the future of cryptocurrencies in Russia, one local industry executive has disclosed a potential method for the Bank of Russia to block crypto transactions. Andrey Mikhaylishin, CEO of the local crypto payment startup Joys, said that the Russian central bank is now considering several potential options to make its crypto ban possible, Forbes Russia reported Friday. One of the possible restriction methods includes blocking debit card payments to crypto exchanges or wallets using merchant category codes (MCC), Mikhaylishin said. The report notes that the executive became aware of this blocking method from Bank of Russia …

Russia continues sending mixed signals to the cryptocurrency markets as more reports provide details on the country’s upcoming crypto regulation. Shortly after Bank of Russia governor Elvira Nabiullina announced the Bank’s intention to prevent the local financial system from using crypto, another executive at the central bank has clarified that crypto investment will remain legal in Russia. There will be one important condition, however: Russians will only be able to invest in cryptocurrencies like Bitcoin (BTC) through foreign companies, deputy governor Vladimir Chistyukhin said, according to a Dec. 20 report by the state-owned publication TASS. “Russian citizens and businesses have …

The crypto regulation regime in any jurisdiction is an equilibrium among multiple institutional, group and personal interests of actors who have a sway over financial and monetary policies. These interests never perfectly align, frequently resulting in contradictory signals coming out of various power centers. Speaking about systemic risks facing the world’s largest economy last week, the United States Federal Reserve chair said digital assets were not a financial stability concern. Two days later, the U.S. Financial Stability Oversight Council issued a report that concluded that stablecoins and decentralized finance could pose sizeable financial stability risks. The source of this discrepancy …

On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the move would align with remarks made by Russian President Vladimir Putin last month, who stated that cryptocurrencies "bear high risks" at an investment forum in Moscow. The nation's central bank is currently preparing an advisory report on the issue. However, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Financial Markets, gave the …