Russia to Ban Cash-for-Crypto Trades, Require Bank-Mediated Transactions
A senior official at Russia’s central bank announced plans to outlaw cash-for-crypto trades and restrict cryptocurrency activity to cashless, bank-mediated transactions. Officials say the rule will be a core part of a forthcoming regulatory framework intended to tighten monitoring of digital-asset financial flows and reduce opportunities for unreported or illicit transfers.
The move could sharply curtail peer-to-peer and OTC crypto activity, shifting responsibility for compliance and transaction screening onto banks and payment rails. That may lower some money-laundering risks but could push volume toward offshore platforms or decentralized channels if domestic on-ramps become onerous. Markets and service providers should expect increased KYC/AML enforcement and potential disruptions for users who rely on cash access to crypto.