The Bank of Russia has classified cryptocurrencies as a financial-market risk, warning that stablecoins and other digital assets could increasingly be used as substitutes for the ruble. Its review cited the potential for total investor losses, the absence of an accountable counterparty or collateral for some assets, and the anonymity and cross-border reach of decentralized transactions. Russia's regulated cryptocurrency market opened Sept. 1, permitting approved trading, custody and cross-border settlements through supervised intermediaries while maintaining a domestic ban on crypto payments for goods and services. The central bank has called for criminal liability for unauthorized crypto operators and administrative penalties for licensed firms that breach rules. Rosfinmonitoring has also received authority to oversee crypto transactions, while digital-depository clients must provide their tax identification numbers.