Russia Could Soon Permit Legal Cryptocurrency Trading for Citizens

Push for Regulation: Members of the "New People" party in Russia are urging regulators to approve licensed cryptocurrency exchanges to bring order to the largely underground crypto market.

Current Crypto Landscape: Despite holding over $25 billion in digital assets, Russians face legal barriers to acquiring cryptocurrencies, leaving the market in a gray area without formal recognition.

Government Actions: Authorities have introduced limited frameworks for crypto use in cross-border trade and plan to launch a state-run exchange for qualified investors, but ordinary citizens remain excluded.

Tension Between Control and Demand: The proposal for regulated exchanges reflects a conflict between widespread crypto ownership and the government's desire for control, especially with the upcoming launch of the digital ruble.