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Russian Crypto Exchange Unable to Process Withdrawals; Angry Users Try to Storm Offices
1.5.2024
Approximately 50 users of Beribit, a Russian cryptocurrency exchange, recently tried to storm the company’s Moscow offices to demand their digital assets. Beribit’s management has attributed the delay in processing withdrawal requests to an audit initiated following the discovery of discrepancies...
Bank of Russia and Rosfinmonitoring Reveal Fiat-to-Crypto Tracking System Pilot
27.4.2024
The Bank of Russia and Rosfinmonitoring revealed the existence of a ‘know your crypto customer’ system pilot, that aims to link the fiat operations of crypto users with their blockchain actions. The pilot, which has been ongoing since 2023, involves five banks in Russia and is expected...
Russian Duma Financial Market Chairman States Digital Financial Assets Might Replace Fiat for International Payments
19.4.2024
Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov stated that digital financial assets, issued by institutions regulated by the central bank, could replace fiat channels for international settlements. Aksakov also acknowledged that while not being controlled...
Bank of Russia: Russians Transacted $51 Billion in Crypto During 2023
2.4.2024
The Bank of Russia noted that Russian nationals transacted $51 billion (4.78 trillion rubles) in crypto during 2023. According to an annual report issued by the bank, its investigations found that volume flows equivalent to the number, especially in bitcoin and ether, were attributed to Russian...
Russia to Clarify Cryptocurrency Mining Gray Areas, Including Payments
27.3.2024
Anton Siluanov, the finance minister of Russia, is prepared to discuss the gray areas surrounding cryptocurrency mining and the use of its proceeding for payments. In a recent lecture, Siluanov stated that the government needed to agree “on what can be done with cryptocurrency,”...
Russia Discusses Testing Digital Ruble for Budget Payments
27.3.2024
The Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure...
Bank of Russia Detected Over 5,700 Pyramid Schemes in 2023
13.2.2024
The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased by 46%, relying on the Internet and cryptocurrency...
30 Banks Participating in Russia’s Central Bank Digital Currency Pilot
2.2.2024
The number of banks participating in Russia’s central bank digital currency pilot has increased to 30. Seventeen banks have signed an agreement with the Bank of Russia to participate in the digital ruble program. They will join 13 other banks, about 600 citizens, and 30 trading and service...
Rosfinmonitoring: Crypto Popularity Soars in Russia, 185K Transactions Registered in 2023
3.11.2023
Director of Rosfinmonitoring Yuri Chikhanchin referred to the rise in popularity that crypto is experiencing in Russia in a recent interview, stating that more than 185,000 cryptocurrency transactions were completed during the first nine months of 2023. Chikhanchin also called for regulation in...
Binance Ending Operations in Russia — Crypto Exchange to Focus on 100+ Other Countries
29.9.2023
Crypto exchange Binance is closing down all exchange services and business lines in Russia. The company has entered into a sales agreement with Commex. A Binance executive explained that operating in Russia is not compatible with the company’s compliance strategy. “We remain confident in...
Russia Considers Legalizing Defi DAOs to Draw Liquidity to Its Digital Assets Market
15.9.2023
The Finance Ministry in Moscow is pushing to legalize decentralized financial organizations to attract capital to Russia’s regulated market for digital assets. The department hopes this would allow some of the liquidity in the decentralized finance (defi) and crypto space to be invested in Russian...
Russia: Illegal Crypto Miner ‘Stole $225,000 From Grid’
7.9.2023
An illegal crypto miner in Russia caused “considerable damage” to a local grid and stole around $225,000 worth of electricity, a power provider has claimed.
Per the Russian legal publication Pravo, the miner allegedly siphoned off electricity from the grid in Yuzhno-Sakhalinsk, in the Sakhalin...
Top Binance execs in Russia leave as firm considers exiting the market
6.9.2023
Binance VP Eastern Europe Gleb Kostarev and CIS Director Vladimir Smerkis have announced they have quit the company
Russian Parliament Passes Vital “Digital Ruble” Legislation With Plans To Start Tests In August
12.7.2023
As momentum builds around the ‘digital ruble’, the proposed Central Bank Digital Currency (CBDC) of the Russian Federation, the country’s parliament has inched closer to the landmark legislation.
On July 11, the lower parliamentary house, the State Duma passed the bill in its third reading taking...
Experts: This Is Why Russia Is Becoming a ‘Crypto Mining Hotspot’
24.6.2023
Experts have explained why Russia is reportedly becoming a crypto mining hotspot, as the nation claims its crypto mining hashrate is second only to that of the USA.
Per Finam, Nikita Zuborev, a Senior Analyst at the domestic crypto platform BestChange, said:...
Read More: Experts: This Is...
Russia’s Ministry of Energy Pushes to Legalize Crypto Mining
20.6.2023
Russia’s Ministry of Energy is pushing for the legalization of industrial crypto mining, and wants lawmakers to press ahead with a much-anticipated mining-related bill.
Per the Russian news agency Tass, the ministry made the comments at the weekend, during the St. Petersburg International Economic...
Russian Government Switching Gears — No Longer Plans To Create a National Crypto Exchange
30.5.2023
The Russian government is switching gears as it no longer plans to create a national cryptocurrency exchange, and instead will write rules for multiple crypto exchanges, according to a local news site.
Anatoly Aksakov, member of one of the chambers of the Russian parliament, spoke to news outlet...
TWO Russian Crypto Laws Could Roll Out in June – Here’s What You Need to Know About Them
21.4.2023
Russian lawmakers could finally end the country’s long wait for crypto regulation – with two bills reportedly ready for adoption as early as June.
One will seek to permit the use of crypto in overseas payments.
The other will deal with the legalization of crypto mining.
Crypto regulation’s...
Household Crypto Holdings Included in Bank of Russia’s Consumer Finance Survey
3.4.2023
The Central Bank of Russia has added crypto asset holdings of households to its survey of consumer finances. The statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds. Russia’s Central Bank Evaluates Cryptocurrency...
Russians Reportedly ‘Using Crypto Exchanges to Send USDT to UK’ – Here’s How
16.3.2023
Russians are using “several” Moscow crypto exchanges to send Tether (USDT) to people based in the UK, a new report has claimed.
Per the NGO Transparency International’s Russia branch and the media outlet The Bell, “several crypto exchanges” are now “operating” in Moscow, where they “offering...