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The evolution of regulation in Russia reveals a typical thought process of a mature regulator: gradually shifting from a conservative stance prioritizing risk prevention to seeking a balance between innovation and development under the premise of manageable risks. Its policy core has transformed from 'prohibition' to 'management', attempting to establish a refined management framework that is stratified and categorized, aiming to isolate systemic risks while selectively unleashing the economic potential of cryptographic technology, and leaving space for its strategic application in international finance. This is a real case of a country continuously adapting and evolving its financial governance system in the face of disruptive technologies. #ton