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Crypto
Stablecoins account for 3 percent of international payments; WTO says regulation, not technology, is the problem
Stablecoins have the potential to reduce the cost and time of cross-border payments, but differing national regulatory systems are blocking wider adoption, the World Trade Organization said. Juan Marchetti, director of the WTO’s Trade in Services and Investment Division, said constraints are regulatory rather than technological and that stablecoins still account for about 3 percent of international payments. The WTO said cross-border stablecoin payments grew 35-fold from 2020 to mid-2024.
Crypto
Russia cracks down on nine cryptocurrency exchanges in Moscow
Russia has cracked down on nine unregistered cryptocurrency exchanges in Moscow and detained about 20 staff, Cointelegraph reported on Aug. 7. The Federal Security Service raided the Moscow International Business Center over suspected money laundering linked to Ukraine-based scam call centers. Authorities believe the exchanges converted money taken in phone scams into cryptocurrency and sent it abroad, transferring funds to accounts the FSB identified as run by Ukrainian operators.
Crypto
Russia steps up crackdown on illegal crypto trading with jail terms for violations
Russia is moving to criminalise cryptocurrency trading conducted outside its regulatory framework. A draft approved by the Moscow city government would introduce penalties for organising digital asset distribution without registration or a licence from the central bank. Proposed punishments include fines and forced labour, rising to up to 7 years in prison and a 1 million rouble fine for organised crime or large-scale damage. Broader crypto rules are expected from 2026, with criminal provisions from 2027.
