Russia legalizes crypto trading; UK probes banking restrictions
The tl;dr
Russia's parliament passed a historic law creating a regulated framework for crypto trading and allowing companies to use digital tokens for international trade, though retail investors face a 300,000-ruble annual purchase cap. Separately, UK lawmakers launched an inquiry into why banks are blocking crypto firms from basic banking services, concerned the restrictions may be stifling investment and competition.
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30-day · delayedKey points
- Russia's State Duma passed landmark legislation establishing official rules for cryptocurrency trading. Non-qualified retail investors can purchase up to 300,000 rubles (about $3,800) annually, while companies are cleared to use crypto for international transactions, potentially helping bypass global sanctions.
- The Russian law now goes to President Vladimir Putin for signature before taking effect. This marks a major shift from the Kremlin's previous skepticism toward crypto, creating a formal regulatory framework for the first time.
- Bitcoin rallied past $67,000 and crypto stocks surged on renewed optimism about favorable US cryptocurrency legislation and signs that investor money may be rotating out of artificial intelligence trades into digital assets.
- The UK's parliamentary crypto group opened an inquiry into banking restrictions, examining why financial institutions block accounts for crypto businesses and whether these barriers are damaging the sector's growth and competitiveness.
- Banks' reluctance to serve crypto firms reflects ongoing regulatory tension and compliance concerns, but regulators in multiple jurisdictions are now moving to clarify rules rather than simply restrict the industry.
By the numbers
Russia’s parliament took a historic step by passing a comprehensive law that legalizes and regulates cryptocurrency trading for the first time. The legislation imposes a 300,000-ruble ceiling on annual purchases for ordinary retail investors while permitting companies to use digital tokens for cross-border transactions, a potential workaround for international sanctions. The law still requires President Vladimir Putin’s signature to take effect, but it represents a complete reversal of the Kremlin’s earlier wariness toward crypto.
Across the Atlantic, the UK’s parliamentary crypto group launched a parallel initiative in the opposite direction: investigating why banks are systematically refusing to serve cryptocurrency businesses and consumers. The inquiry will examine whether these banking barriers are suppressing investment, limiting competition, and slowing the sector’s development. The move reflects growing frustration that regulatory uncertainty has led banks to simply opt out rather than learn how to comply.
Bitcoin prices jumped above $67,000 amid optimism over both Russia’s new framework and signals that US lawmakers are preparing clearer crypto legislation. Crypto equities also rallied as traders rotated capital away from artificial intelligence trades, suggesting the digital asset market may be entering a new growth phase after months of investor focus elsewhere.
As governments clarify crypto rules, both the barriers and opportunities for the sector are becoming clearer, with major economies like Russia and the UK signaling they want to accommodate, not eliminate, digital asset trading.
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Topics
- russia
- crypto regulation
- uk banking
- retail trading
- bitcoin
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