Russia Moves to Rein In Crypto Fraud With New Legislation

HomeNEWSRussia Moves to Rein In Crypto Fraud With New Legislation NEWS Russia Moves to Rein In Crypto Fraud With New Legislation Russia is working on a new law to combat crypto fraud in the country as lawmakers continue to regulate the fast-moving industry. By Mathew Di Salvo July 20, 2026 Share FacebookXLinkedinReddItEmailTelegramCopy URL Prefer us on Google Download App Download App Russia is pushing ahead with regulating the cryptocurrency market, with the State Duma considering a bill on combating fraud in the industry, according to reports. The bill will look at “combating the illegal use of cryptocurrencies within our country,” Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, reportedly said. Lawmakers will vote on the bill in its second and third readings this week, according to Russia’s Tass news agency, and will also work to provide “an opportunity for those who use cryptocurrencies for international transactions to do so within the legal framework.” Using crypto has been illegal in Russia as a form of payment since 2022 but lawmakers in the country have been open about using them for international settlements. President Vladimir Putin has also previously spoken about mining digital assets, and admitted back in 2022 that the country had “certain competitive advantages” in the sector thanks to its surplus of energy and cold climate. Last year, the president signed a law allowing cryptocurrency mining in the country, allowing legal entities to mine if they have been approved by the digital ministry. Foreign operations are currently banned from doing business in the country. Back in 2023, the Russian legislature passed a bill legalizing the use of digital currency as a way to make international payments. The bill likely has helped the country skirt international sanctions: The U.S. and European governments sanctioned Russia when it annexed Crimea in 2014, and Western nations have stepped up penalties since it invaded Ukraine in 20…

Russia Moves to Rein In Crypto Fraud With New Legislation

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