Russia Proposes Legislation to Tighten Crypto Service Regulations
- Criminal Liability Introduced: The Russian lower house has proposed a draft law that introduces criminal liability for crypto services operating without a Bank of Russia license, with individuals facing fines up to $4,000 and four years in prison, indicating a strong governmental commitment to regulating the crypto sector.
- Increased Penalties for Organized Crime: If violations involve organized groups or result in significant damages, penalties could escalate to compulsory labor for up to five years or imprisonment for seven years, reflecting a stringent crackdown on potential abuses in the crypto market.
- Regulatory Framework Needs Completion: Despite legislative progress, Russia's Supreme Court has questioned the necessity of criminal penalties, suggesting that the measures may be premature without a comprehensive digital currency law, emphasizing the need to await the upcoming Digital Currency and Digital Rights law set to take effect in July.
- Market Risks Intensified: Against the backdrop of tightening regulations, the Grinex exchange reported losses exceeding $13.7 million due to a hack, highlighting the real-world risks faced by crypto exchanges and traders, which may influence compliance willingness and risk management strategies among market participants.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0234 | 0.0277 | 0.0322 | 0.0365 | 0.041 | 0.0453 | 0.0498 |
| Fibonacci | 0.0277 | 0.0311 | 0.0331 | 0.0365 | 0.0399 | 0.0419 | 0.0453 |
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