Russia Plans Crypto Ban With Some Exceptions By September 2024

Russia has recently announced plans to implement a comprehensive ban on cryptocurrency circulation by September 2024. This ban will be strict, only allowing exceptions for assets issued by Russian banks and the Central Bank. The aim of this ban is to regulate the cryptocurrency market within Russia and limit the circulation of assets issued outside of Russian jurisdictions. By enforcing this ban, Russia hopes to gain more control over the use of cryptocurrencies within its borders.

Alongside the ban on general cryptocurrency circulation, Russia is also proposing a bill to regulate cryptocurrency mining. This bill has the potential to have a significant impact on the global cryptocurrency market. Starting from September 1, the ban will specifically target assets issued within Russian jurisdictions. This move indicates Russia's intention to monitor and control the mining activities within its borders, aiming to ensure that cryptocurrency mining is conducted in compliance with the proposed regulations. The bill is designed to bring clarity and structure to the cryptocurrency mining industry in Russia.