Sber executive welcomes crackdown on crypto exchanges at the Eastern Economic Forum in Vladivostok

A senior Sber executive said the channels used to move stolen money through cryptocurrency need to be hit “systemically and mercilessly,” calling the destruction of “wasp nests” of crypto exchangers a success. For high-risk PSPs, the point is straightforward: Russia is moving from rhetoric to legal and enforcement tools that can change how crypto on- and off-ramps operate.

1. Speaking at the Eastern Economic Forum in Vladivostok, Sber board deputy chairman Kuznetsov said he hopes “wasp nests” will continue to be “consistently destroyed.” He linked that to the fight against the withdrawal of stolen funds through cryptocurrency, not just through traditional channels.
2. Kuznetsov said the response should be directed not only at searches and arrests carried out by law enforcement, but also at the government law on state regulation of digital assets. In his view, the market needs to be regulated and the channel for moving money abroad tightly controlled.
3. He said that in early this year and in spring he had already spoken about this “Achilles’ heel,” arguing for regulation of the crypto market and strict oversight of money outflow through crypto.
4. On 1 September, the main provisions of the law “On Digital Currencies and Digital Rights” entered into force. Kuznetsov said that, on that basis, an effective system for anti-money-laundering (AML) through cryptocurrencies and risk management in the crypto market can be built quickly.
5. He made the comments as defaults are rising on Russia’s digital financial assets market, adding another layer of stress to a sector already under pressure from regulatory scrutiny.