To shield businesses dealing in digital assets from the weight of sanctions, the Central Bank of Russia has put in place protective measures.
These companies will receive regulatory relief designed to lessen the load on financial institutions by exempting them from some reporting requirements.
Amid Sanctions, Russia’s Central Bank Relaxes Regulation of Digital Asset Platforms
Due to the potential of sanctions, the Central Bank of the Russian Federation (CBR) has permitted issuers of digital financial assets (DFAs) to withhold sensitive information.
The regulatory and supervisory relief offered to financial market participants and DFA issuers since early this year is designed to lessen the burden on these companies in the current economic and geopolitical environment, the Bank of Russia stated in the news release.
Russian institutions, including the central bank, which has historically held a strong stance on crypto laws, have approved a plan to allow the use of cryptocurrencies for international settlements in an effort to lessen the impact of sanctions.
The CBR stated that by providing financial firms with support, particularly DFA issuers and exchange operators, the limits’ negative effects have been lessened and they have been able to adjust to the new circumstances.