Anatoly Aksakov, chairman of the Russian State Duma’s Financial Markets Committee, has proposed exemptions for cryptocurrency miners and certain projects backed by the central bank.

Russia is reportedly preparing to strictly ban widespread trading of crypto assets such as Bitcoin as it faces growing geopolitical tensions and sanctions, allowing digital financial assets to be issued only within its own jurisdiction.

The move is part of the government’s broader efforts to regulate the cryptocurrency ecosystem. Only miners and projects that have received approval from the central bank will be granted the right to operate. However, one lawmaker has clarified that he does not support a complete ban on cryptocurrency circulation in Russia.

Russian lawmakers clarify

Following this development, the Chairman of the State Duma Committee on Financial Markets, Anton Gorelkin, sought to clarify that he does not support a complete ban on the circulation of cryptocurrencies in Russia.

He explained in a Telegram post that the restriction is not intended to ban the use of all cryptocurrencies, but to regulate the establishment of cryptocurrency trading platforms within the framework of Russian law.

Gorelkin also suggested that the creation of a legal Russian cryptocurrency infrastructure is influenced by geopolitical realities. This needs to be considered, including with regard to international relations. He went on to add that allowing such an infrastructure could expose Russian businesses to Western sanctions.

Furthermore, Gorelkin also noted that the restriction may be lifted in the future, saying that users will still be able to use foreign cryptocurrency exchanges and over-the-counter (OTC) services as before. However, the impact of this on many OTC cryptocurrency services in Moscow is uncertain.

Uncertainty

Gorelkin’s latest post does not clarify the statement of Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, that the controversial bill intends to restrict non-Russian cryptocurrency operations in order to strengthen the dominance of the ruble.

Aksakov previously noted that given the significant contribution of cryptocurrency mining to Russian tax revenue, the bill plans to grant special exemptions to cryptocurrency mining activities and experimental projects supported by the central bank within the framework of a pilot law.

Meanwhile, Russian Finance Minister Anton Siluanov has advocated for a more balanced approach and pushed for regulation to allow the use of cryptocurrencies in domestic and international transactions. #俄罗斯 #加密法案