The first is the "Russian Digital Asset Sanctions Compliance Act of 2022," a House bill. The other is the "Digital Asset Sanctions Compliance Enhancement Act of 2022," a Senate measure supported by crypto skeptic Senator Elizabeth Warren (D-Mass).

The laws allow the Biden administration to restrict US cryptocurrency exchanges from accepting Russian funds. They would also empower US authorities to punish overseas platforms that facilitate transactions involving restricted Russian individuals or entities.

AAVE, Anchorage Digital, Ava Labs, Bitdeer, Blockchain Capital, Blockfi, Brevan Howard, Chainalysis, Circle, Crypto.com, Digital Currency Group, Dragonfly Capital, Etoro, Grayscale, Kraken, Ripple, Silvergate, Solana, Terra, Voyager, and Wicklow Capital are among the crypto platforms represented by the organization.

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The group attempts to persuade legislators that affluent Russians are not using cryptocurrency to dodge restrictions.

Curtis Kincaid, a Blockchain Association representative, noted that the group is attempting to persuade lawmakers to "separate reality from fiction regarding Russia's incapacity to transfer substantial quantities of money via crypto transactions in order to circumvent restrictions," according to the publication.

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Uzbekistan set to regulate Crypto

The Republic of Uzbekistan is moving forward with local crypto rules, with Uzbek President Shavkat Mirziyoyev signing a new order governing the business.

The new directive, which was issued on Wednesday, directs the reform of a significant presidential agency known as the National Agency for Project Management (NAPM). The administration has earlier pushed cryptocurrency trading in Uzbekistan, suggesting that people be allowed to undertake all forms of cryptocurrency exchanges by 2021.

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The NAPM will be transformed into a new institution named the National Agency for Perspective Projects (NAPP), responsible for a wide variety of crypto regulation-related initiatives to establish a "unique crypto regulation regime" in Uzbekistan, as per the order.

The agency is responsible for developing and implementing а uniform governmental policy on cryptocurrency, ensuring consumer welfare, and enforcing steps to tackle unlawful activity like terrorist funding. The NAPP will also create and support initiatives that use blockchain and other new technologies in government and other socio-economic areas.

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The NAPP could provide legal frameworks for organizations that use crypto and blockchain technology, as well as virtual asset suppliers such as crypto trading and mining firms, industry shops, and others. The organization is also in charge of regulating and overseeing virtual asset service providers, who must pay various state fees.