Russia has intensified its cryptocurrency oversight with new legislation threatening severe penalties for unregistered digital asset services. The bill would require individuals and organizations to register with the Bank of Russia before offering crypto-related services. Non-compliance could result in substantial fines and imprisonment, marking a significant shift in the country's approach to cryptocurrency regulation.

This regulatory crackdown responds to concerns about financial stability and illegal activities facilitated by digital currencies. Russian authorities have grown wary of cryptocurrencies' potential economic impact and their use for sanctions evasion. The move aligns with global trends toward stricter crypto oversight, though critics argue it may stifle innovation in Russia's emerging fintech sector.