Russia is poised to enact stringent regulations on cryptocurrency trading, aiming to curb the mass trade of digital assets like Bitcoin within its borders. This move, driven by geopolitical tensions and sanctions, signals a significant shift in the country’s approach to digital finance.

Russia’s Cryptocurrency Policy Shift: Centralized Control and Regulatory Uncertainties

In a recent report by CryptoPotato, the government’s decision to control the bitcoin industry is a significant step. Only miners and projects sanctioned by the Central Bank will be permitted to operate. Importantly, any creation of cryptocurrency exchanges and over-the-counter (OTC) services outside the experimental legislative framework will be deemed illegal.

Anton Gorelkin, Chairman of the State Duma Committee on the Financial Market, has clarified that he does not support a complete ban on bitcoin circulation in Russia.

In a Telegram post, he clarified that the restriction is not intended to prohibit all Bitcoin use but rather to govern the formation of cryptocurrency exchange platforms within Russia’s legal framework.

Gorelkin further claims that geopolitical circumstances, including considerations of international relations impact the establishment of a legitimate Russian crypto infrastructure. He said that allowing such infrastructure would expose Russian enterprises to Western sanctions.

Gorelkin further stated that the limitation may be lifted and that customers can continue to use foreign crypto exchanges and OTC services as previously. However, the impact on several OTC crypto services in Moscow remains undetermined.

Anatoly Aksakov’s Agenda: Bolstering Ruble with Stricter Cryptocurrency Regulations

Gorelkin’s latest article needs to clarify Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, who stated that the controversial measure aims to limit non-Russian cryptocurrency operations to reinforce the ruble’s dominance.

Aksakov stated that the law would provide exemptions for crypto miners and Central Bank-backed pilot projects under a trial legal framework, citing that crypto mining contributes significantly to Russia’s tax revenue.

Meanwhile, Russia’s Finance Minister, Anton Siluanov, has urged for a more balanced approach, arguing for regulation permitting the use of cryptocurrencies in local and foreign transactions.

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Because blockchains are public, it’s easy for scammers to find people’s crypto addresses and send out spoof transactions to phish for victims.

CertiK, a blockchain security firm, confirmed it detected a transfer of $69.3 million worth of Bitcoin to an address “linked with address poisoning” in a post on X.

The victim’s crypto wallet now shows a total loss of around 97% of its assets on Coinbase. The account is now worth just more than $1.6 million.

Peckshield, another security firm, wrote on X that the scammers traded the stolen Bitcoin for 23,000 Ethereum and then transferred the funds. Ethereum is trading at $3,116 a coin, according to The Daily Hodl.

Trezor, another crypto trading platform, recommends double-checking every address before sending a transaction and never copying an address from transaction history when transferring funds to avoid address scams.

Sending a small test transaction before making a large transfer is also an effective method of verifying the address, the company says.

Cryptocurrency-related scams are on the rise, according to the FBI’s 2023 internet crime report. Crypto-related frauds cost investors $3.94 billion last year, the report says, making up more than three-quarters of the year’s investment scam losses.

One study showed that crypto “pig butchering” scams cost investors $75 million from 2020 to 2024. The fraud starts with criminals sending a wrong-number text that they use as a way to build trust with victims.

Then, they send small payments to them and lure them into making fake crypto investments, only cutting off contact once the victim has sent a large amount of money to the thief.

The scam’s name refers to fattening a pig up before the slaughter.

Most cryptocurrency scams involve scammers trying to get victims in unrelated scams to pay them in Bitcoin so that their crimes cannot be traced, according to the Federal Trade Commission.

The best way to spot a crypto scam is to never trust someone who will only accept payment in crypto or who is promising big profit returns on a fishy investment, the agency says.

“Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers,” the FTC says. “But scammers are also impersonating businesses, government agencies, and a love interest, among other tactics.”