Russian Banks Lobby for Softer Crypto Rules Amid Concerns of Market Monopolization

Russian bankers are pushing their government to adopt a more lenient approach to cryptocurrency regulation. The Association of Russian Banks (ARB) has proposed amendments to the pending 'Digital Currency' bill, which is currently under review in the State Duma.

The draft law aims to comprehensively regulate crypto operations in Russia and legalizes cryptocurrencies and platforms working with them. However, it imposes restrictions and penalties that could limit Russia's participation in the global market.

ARB proposes allowing transfers to non-custodial wallets abroad and whitelisting foreign crypto platforms. They also suggest regulating stablecoins pegged to fiat currencies or backed by other assets, which are not mentioned in the legislation right now.