Russia delays implementation of crypto regulation law

Russia's cryptocurrency regulation bill has been delayed beyond its scheduled implementation date, local media outlet Bits media reported. Alexei Yakovlev, director of the Financial Policy Department at the Russian Ministry of Finance, stated that the bill is awaiting its second reading but faces a delay. He added that the State Duma's Financial Market Committee plans to review the bill in the coming weeks, making it virtually impossible for it to pass before July 1. The Russian Central Bank had initially planned to finalize detailed regulations in the third quarter and allow crypto trading under the new rules from the fourth quarter. The new framework is designed to regulate cryptocurrency transactions at the same level as bank transfers.