[Russia Plans to Establish Cryptocurrency Regulatory Framework, Illegal Operations May Face Criminal Liability] Russian Deputy Finance Minister Ivan Chebeskov stated that Russia will establish a cryptocurrency regulatory framework. The country has 20 million cryptocurrency users, with total resident investments amounting to approximately 3.7 trillion rubles and an average daily trading volume of about 50 billion rubles. The minimum capital requirement for non-bank cryptocurrency exchanges will be reduced to 15 million rubles. Starting from July 1, 2027, organizing cryptocurrency circulation without authorization may face criminal liability, except for individuals managing their own cryptocurrency. Russia will require tax residents to report cryptocurrency transactions conducted outside the regulatory system and will explore the feasibility of issuing domestic stablecoins.