Bank of Russia Introduces Controlled Crypto Trading
The Bank of Russia is preparing to implement a three-year experimental legal regime (ELR) that will permit limited cryptocurrency trading. This initiative, aimed at high-net-worth individuals, seeks to examine market operations under strict regulations. If successful, it could lay the groundwork for regulated domestic cryptocurrency exchanges in Russia.
In addition, the central bank is deliberating on allowing mutual fund investments in digital assets. Financial analysts believe this approach could offer structured exposure while minimizing risks for investors. As global regulators grapple with the rise of cryptocurrency, Russia’s cautious yet strategic move signals an effort to align digital finance with national economic policies.
India Cracks Down On Russian- Linked Crypto Crime
In a decisive action against illicit cryptocurrency operations, Indian authorities have arrested Aleksej Besciokov, a 46-year-old Lithuanian citizen associated with the Russian crypto exchange Garantex. Besciokov, who was vacationing with his family in Kerala, was detained at the request of the United States. He faces allegations of money laundering and violations of international sanctions.
According to the US Justice Department, Garantex has been implicated in laundering millions from ransomware groups such as Black Basta, Play, and Conti between 2021 and 2024. The exchange has reportedly handled over $96 billion in cryptocurrency transactions since its inception in 2019, raising concerns over its role in facilitating criminal activities.
Authorities claim that Besciokov, alongside Russian national Aleksandr Mira Serda, knowingly processed illegal transactions while attempting to obscure their involvement. He has been charged with conspiracy to commit money laundering, conspiracy to violate the International Emergency Economic Powers Act, and operating an unlicensed money-transmitting business. Extradition proceedings are set to commence in Delhi, highlighting international cooperation in tackling crypto-related financial crimes.
