On January 14, 2026, Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian State Duma, stated that a draft bill aimed at removing cryptocurrencies from the framework of “special financial regulation” is ready and will be a key topic of discussion during the upcoming spring session.
The proposed legislation would allow non-professional investors to participate in the crypto asset market, subject to individual purchase limits, and would support the broader use of cryptocurrencies in international settlements and within the financial system.
This development suggests that Russia may pursue a regulatory path distinct from traditionally strict control models, seeking a balance between policy innovation and risk management amid evolving global regulatory trends.
Global Trends in Crypto Regulation: From Peripheral Attention to Legislative Mainstream
Over the past several years, regulatory attitudes toward crypto assets have undergone a notable transformation across jurisdictions:
- Some countries have opted for strict restrictions or outright bans on private crypto transactions
- Others have chosen to integrate crypto markets through formal regulatory frameworks
- Still others, such as Russia, are evaluating more inclusive regulatory approaches
The Russian proposal reflects a regulatory philosophy of “legalization with limited openness.” Under this approach, crypto assets are no longer treated as marginal or illicit instruments, but are incorporated into the broader financial system—provided that investor protection and systemic security are adequately ensured.
This stance does not conflict with the global trend toward tighter regulation. In fact, regulatory frameworks in Europe, North America, and Asia are also becoming more sophisticated, though with differing focal points. Across jurisdictions, regulators consistently emphasize:
- Preventing money laundering and illicit fund flows
- Protecting investor interests
- Establishing transparent and traceable transaction systems
These objectives are increasingly forming a shared international consensus, regardless of whether a jurisdiction adopts a restrictive or experimental regulatory model.
From Regulatory Innovation to Risk Management: Where Does the Balance Lie?
The core issue in crypto asset policymaking is not a binary choice between “opening” or “restricting,” but rather how to strike a balance between innovation and effective risk control. Regulators typically focus on several key questions:
- Are transactions sufficiently transparent and traceable?
- Can fund flows be monitored and reasonably explained?
- Are investors provided with adequate risk disclosures and protections?
- Are robust anti-money laundering (AML) and anti-fraud mechanisms in place?
The challenge lies in the decentralized and cross-border nature of crypto assets, which makes traditional regulatory tools difficult to apply directly. As a result, both regulators and market participants are increasingly seeking coordinated solutions that combine technological capabilities with institutional frameworks.
Transaction-Level Compliance Capabilities: A Shared Foundation for Regulators and Markets
As more countries seek to establish or revise crypto-related legislation, a clear trend has emerged: regulatory focus is shifting from the “nature of the asset” to the “behavior of transactions.”
Financial crime and risk do not arise from the existence of an asset itself, but from transaction pathways, counterparties, and motivations that lack transparency or effective oversight. This shift has driven compliance practices to evolve from traditional KYC (Know Your Customer) toward KYT (Know Your Transaction), which emphasizes:
- End-to-end traceability of transaction paths
- Risk identification across multiple accounts and platforms
- Association analysis involving high-risk entities or sanctioned addresses
In industry practice, on-chain transaction monitoring systems such as Trustformer KYT are designed around these regulatory and market needs. They enable institutions to detect anomalous behavior within complex transaction patterns, helping organizations remain compliant within increasingly open yet regulated policy environments.
Shared Regulatory Logic Amid Global Divergence
While regulatory approaches vary across countries, a common logic underpins many frameworks:
- Transparency as a foundation: Whether regulation is strict or experimental, transparent transaction systems are essential
- Emphasis on traceability: The auditability of on-chain transactions supports both regulatory oversight and judicial investigation
- Risk identification first: Regulatory focus is shifting from “whether to allow” toward “whether activities can be effectively monitored”
As countries such as Russia consider integrating crypto assets into everyday financial ecosystems, international regulators are also strengthening cross-border cooperation to advance unified standards for anti-money laundering and consumer protection.
Conclusion
The forthcoming discussions in the Russian State Duma once again underscore a broader global reality: crypto regulation is moving from the periphery toward the legal mainstream.
While regulatory paths may differ, the underlying logic of national frameworks is converging. Transparent, traceable, and explainable transaction behavior is becoming the cornerstone of future compliance systems.
Regardless of how policies evolve, market participants and compliance infrastructures that possess these capabilities will be best positioned to support sustainable, long-term development in the digital asset ecosystem.