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Chainalysis News: Chainalysis Highlights Russian Crypto Regulation Amid Sanctions

September 9, 2024

Chainalysis Unicorn News - September 09, 2024

Chainalysis reports on Russia's evolving cryptocurrency landscape, including calls to ease crypto regulations for foreign transactions and the Central Bank of Russia's efforts to integrate cryptocurrency into the financial system. The report also discusses the potential risks and broader implications of these regulatory changes.

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( 00:00:32 ) Chainalysis Reports on Russian Crypto Regulation and Mining Amid Sanctions

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On September 7, Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs (RSPP), called for the Russian government to ease cryptocurrency regulations for foreign transactions. This follows Russia's legalization of Bitcoin mining last year and the start of crypto payment trials on September 1, which have resulted in over $3 billion in Bitcoin mined to support the economy. Chainalysis has raised concerns about the potential for these regulatory changes to facilitate fundraising for pro-Russian militants in Ukraine and enable sanctioned banks to conduct on and off-ramping activities. The Central Bank of Russia is leading efforts to integrate cryptocurrency into the financial system for cross-border payments, with new legislation enhancing its regulatory control and plans to launch two new crypto exchanges in St. Petersburg and Moscow.

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