Russia mulls relaxing crypto rules to blunt impact of Western sanctions
Russia's central bank is considering easing strict cryptocurrency regulations due to difficulties in international transactions caused by Western sanctions.Summary
The Bank of Russia is contemplating relaxing its strict cryptocurrency regulations, specifically the requirement for investors to meet the "super-qualified investor" criteria for crypto transactions involving actual delivery. First Deputy Governor Vladimir Chistyukhin linked this potential easing to the sweeping Western sanctions imposed on Russia following its invasion of Ukraine, which restrict the use of traditional currencies for foreign payments. The "super-qualified investor" status requires wealth exceeding 100 million rubles or an annual income of at least 50 million rubles. The central bank expects to reach an agreement with the Ministry of Finance on this matter by the end of the current month. This move comes as Western regulators continue to target crypto-based efforts to evade existing sanctions, including recent EU sanctions against crypto platforms and the A7A5 stablecoin.
(Source：Cointelegraph)