Russia will implement strict restrictions on the circulation of crypto assets starting from September 1, but will exempt miners and central bank projects

ChainCatcher news, according to BeInCrypto, starting from September 1, Russia will implement strict restrictions on the circulation of cryptocurrencies such as Bitcoin, allowing only the issuance of digital financial assets within its jurisdiction. The initiative is led by Anatoly Aksakov, chairman of the State Duma's Financial Market Committee. This is part of a broader effort by the government to control the crypto ecosystem amid escalating geopolitical tensions.

Aksakov stated that the upcoming legislation aims to restrict non-Russian cryptocurrency businesses to strengthen the dominance of the ruble. The bill will establish exceptions for cryptocurrency miners and central bank-supported pilot projects within an experimental legal framework. This is because cryptocurrency mining has significantly increased Russia's tax revenue. However, State Duma member Anton Gorelkin clarified that Russia does not intend to completely ban cryptocurrencies. The restrictions will affect the establishment of cryptocurrency exchanges and other platforms that provide services for cryptocurrency trading.