Russian Banks Given Power to Freeze or Block Crypto-linked Accounts

Banking Bitcoin Cryptocurrency Regulation
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Tim Alper
Author Categories
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

New Russian banking regulations will allow financial institutions to freeze or block the bank accounts of individuals or companies they think are associated with crypto activities.

Source: Adobe/metelevan

The rule change have been imposed by the nation’s Central Bank, which has outlined changes it will make to the existing banking code, stating that if they detect evidence signs of the “circulation of digital currencies,” commercial banks will soon be able to step in to block account access.

The Central Bank wrote that crypto-related bank transactions are often “characterized by regular and one-way” deals, involve “large amounts” and can be flagged as “suspicious transactions” involved with “money laundering or terrorist financing” under the new ruling.

The amendment will likely promulgate in October this year, unless the government decides to intervene – an unlikely step at this stage.

The Central Bank appears to have drafted the amendment in October last year, and received approval from the nation’s Ministry of Justice, which appears to have signed off on the rule change in December.

The news comes just days after a new law outlawing crypto as a means of payment came into force, followed by words of warning from Anatoly Aksakov, the head of the State Duma Committee on Financial Markets and the chief architect of the nation’s crypto policy.

Last week, Aksakov spoke somewhat ominously of sterner regulations to come in Russia and beyond in the year ahead.
___
Learn more:
Regulatory Kaleidoscope Challenges Crypto Industry – Crypto.com CCO
Crypto Regulation in 2021: The Piecemeal Approach & New Winds
New Regulatory Lemons Await Somewhere Between DeFi & CeFi
Politicians, Industry, Crypto Fans Unite to Reject Treasury Wallet Plans
Stablecoins Get Another Headache In US, Ethereum Camp Feels Attacked Too
DeFi Industry Ponders Strategy as Regulators Begin to Circle

More Articles

Bitcoin News
Utah One Step Closer to Becoming First US State with Bitcoin Reserve
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-07 04:48:13
Altcoin News
Franklin Templeton Pursues SEC Nod for New Crypto Index ETF
Shalini Nagarajan
Shalini Nagarajan
2025-02-07 04:30:47
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors