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Russian State Duma Passes Digital Currency Bill in First Reading, Central Bank to Control Market Access and Transaction Regulation
Odaily News The Russian State Duma (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in its first reading, marking a crucial step towards the legalization of crypto assets in the country. According to the bill, the Bank of Russia will become the core regulatory body for the crypto market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions.The bill intends to recognize cryptocurrencies as "property" but explicitly prohibits their use as a means of payment within the country, with the ruble remaining the sole legal tender. However, against the backdrop of Western sanctions, crypto assets can be used for cross-border trade settlements, including scenarios such as service payments and intellectual property transfers.Furthermore, the bill allows Russian residents to legally invest in crypto assets through licensed institutions, but will implement an investor classification system, setting up tests and annual investment quota limits (with a suggested cap of 300,000 rubles) for ordinary investors. Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be permitted for trading, with a whitelist to be established by the central bank.The bill is expected to be formally passed and take effect no later than July 2026. However, some lawmakers and banking industry figures have criticized it for being overly strict in regulation, potentially affecting market activity and even leading to funds remaining in the gray market. Simultaneously, supporting legislation is also planned to introduce criminal penalties, with illegal crypto transactions potentially punishable by up to 7 years in prison. (Cryptopolitan)
Florida and Massachusetts Recover $5.4 Million in Crypto Fraud Funds
According to Cryptopolitan, approximately $5.4 million worth of cryptocurrency assets have been recovered in a crypto-investment scam that originated as a “romance scam” involving both Florida and Massachusetts. Of this amount, around $700,000 has been returned to victims in Florida, and $1.3 million to victims in Massachusetts; the remaining funds will be used to continue combating crypto scams. Florida prosecutors stated that victims in this case are spread across six counties within the state, with a single victim from Marion County losing over $450,000. Florida’s Cyber Fraud Enforcement Unit reported that $3.3 million was recovered in Q1 2026, bringing its cumulative recoveries since its establishment 2.5 years ago to $7.2 million; an additional $12.6 million in frozen cryptocurrency assets remains under litigation.