Russia's State Duma approved the final version of the cryptocurrency regulation bill, removing the mandatory requirement to declare wallet addresses.
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The Russian State Duma committee recommended that the bill on criminal penalties for digital currencies be passed on its first reading, with a maximum sentence of seven years.
According to Foresight News , citing TASS, the State Duma's Committee on State Construction and Legislation has recommended the first reading of a bill that would stipulate a maximum sentence of seven years imprisonment for violating digital currency laws. In April, the Russian government proposed a new clause to the Criminal Code to punish the illegal circulation of cryptocurrency if the crime causes significant harm to individuals, organizations, or the state, or if the perpetrators profit excessively. Proposed penalties include fines of 100,000 to 300,000 rubles, or up to four years of forced labor, or up to four years imprisonment and a fine of up to 80,000 rubles. If the crime is committed by an organized group, or if the damage is particularly significant, the penalty is up to five years of forced labor, or up to seven years imprisonment, and a fine of up to 1 million rubles. The bill proposes that amounts exceeding 3.5 million rubles be considered significant losses or income, and amounts exceeding 13.5 million rubles be considered particularly significant losses or income.
The Central Bank of Russia plans to implement a "cooling-off period" for cryptocurrency transactions, freezing funds for 48 hours after transfer.
PANews reported on July 3rd that, according to a report by Bits.media, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, stated that the proposed cryptocurrency regulatory bill will establish a 48-hour "cooling-off period" for legitimate cryptocurrency transactions. This means that funds will be forcibly frozen for 48 hours after a transfer, limited to transfers between accounts only and excluding cryptocurrency brokerage services. This aims to protect non-professional investors from fraud. These provisions have been incorporated into the cryptocurrency market regulatory bill, which was originally scheduled to take effect on July 1st, but the second and third readings have been postponed, and it is expected to take effect on September 1st. Furthermore, Chistyukhin also stated that the Central Bank of Russia is discussing rules for Belarusian cryptocurrency companies to enter the Russian market.
The Central Bank of Russia: Cryptocurrency regulatory law may take effect on September 1, with a transition period until July 2027.
According to a report by TASS on July 2nd, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, stated that laws regulating cryptocurrencies may officially take effect on September 1, 2026. He also clarified that a transition period will be set until July 1, 2027. During this period, market participants will need to prepare documents, apply for registration to be included in the regulatory list, obtain new licenses, and adjust internal processes. Formal operations are expected to begin between the end of 2026 and the beginning of 2027. From July 1, 2027, relevant criminal and administrative liability provisions will come into effect, strictly distinguishing between legal and illegal cryptocurrency operations by clearly defining legal responsibilities.
The UK's FCA has released the final version of its encryption regulatory guidelines, which will officially take effect in October 2027.
According to Mars Finance, on June 30th, the UK Financial Conduct Authority (FCA) released a landmark final rule for the regulation of crypto assets, completing a regulatory framework that had been in place for many years. Trading platforms, custodians, stablecoin issuers, and staking services must all obtain FCA authorization to operate in the UK. Companies can apply for authorization between September 30, 2026, and February 28, 2027, with the mandatory regulatory system officially taking effect on October 25, 2027. The rules cover capital and stress testing requirements, market integrity provisions to combat insider trading and market manipulation, and specific stablecoin standards. Trading platforms are required to assume gatekeeping responsibilities, and must review tokens and publish disclosure documents in the FCA's central database before listing them. Crypto companies will be included in the FCA's consumer responsibility framework, and retail customers can for the first time resort to the Financial Ombudsman mechanism; the regulatory scope also extends to the decentralized finance sector, applicable to situations with "identifiable control entities." Following consultations, the FCA simplified some of the rules, including lowering the capital requirements for stablecoin issuers (the key capital coefficient was reduced from 2% to 1%). David Geale, FCA's Executive Director of Payments and Digital Finance, stated that the framework eliminates the need for companies to choose between regulatory certainty and room for innovation. Industry groups generally welcomed the changes, believing the new regulations provide a clearer path for the UK to develop as a competitive jurisdiction.
Vietnamese police reported on the ONUS cryptocurrency case, seizing over 350 kilograms of gold and silver and freezing eight real estate transactions.
Foresight News , citing Vietnam's Tuoi Tre newspaper, the Vietnamese Ministry of Public Security recently held a press conference to report on the investigation into the ONUS cryptocurrency case. A representative from the Investigation and Security Department (A09) of the Ministry of Public Security stated that in the investigation of the ONUS cryptocurrency exchange's alleged embezzlement, police have seized over 350 kilograms of gold and silver, frozen transactions involving eight properties worth 200 billion Vietnamese dong, and suspended over 300 bank accounts used by the defendants to trade with investors. On March 23rd of this year, police filed criminal charges against eight defendants, accusing them of using computer and telecommunications networks to commit embezzlement and money laundering. Since 2018, the perpetrators have exploited the public's lack of understanding of cryptocurrencies, creating digital accounts through applications and packaging them as virtual currencies. They built trust and attracted investment through cyclical buying and selling between affiliated companies, ultimately embezzling funds. Between 2018 and 2021, they sold over 7 trillion Vietnamese dong worth of cryptocurrency. A representative from A09 stated that the case involves numerous individuals and users, with approximately 5 million user accounts currently in operation. Police have received over 2,000 reports from citizens, and the recovery of assets is ongoing. They are also investigating whether social media influencers colluded with the defendants in promoting the cryptocurrency.
TASS: Russia's cryptocurrency regulatory law could take effect as early as September 1st.
According to Foresight News , citing TASS, the Central Bank of Russia has allowed a cryptocurrency regulatory law to take effect as early as September 1, 2026.