Why Russia Is Bringing Crypto Market Under State Control

Russia is preparing to place its cryptocurrency market under comprehensive state supervision, as policymakers move to formalize and tightly regulate a sector that has grown rapidly amid international sanctions and shifting global financial dynamics.

The Central Bank of Russia and the Ministry of Finance are drafting legislation that would create a fully regulated domestic crypto market. The bill, expected to be submitted to the State Duma, envisions a structured system of licensed exchanges, digital depositories, brokers, asset…