Putin Signs Comprehensive Crypto Law in Russia
Russian President Vladimir Putin has signed into law a comprehensive framework governing cryptocurrency markets in Russia. The new legislation, titled 'On Digital Currencies and Digital Rights,' brings an end to years of regulatory uncertainty and establishes a regulated market for trading, custody, and digital asset services under the supervision of the Bank of Russia.
The law introduces five new categories of regulated market participants, including cryptocurrency exchanges, brokers, digital depositories, management companies, and exchangers. All will be required to obtain authorization from the Bank of Russia and meet minimum capital and compliance standards before offering services.
Retail investors who pass a mandatory knowledge assessment will be permitted to purchase liquid cryptocurrencies through licensed intermediaries, subject to an annual limit of 300,000 rubles ($3,800) per intermediary. Qualified investors must also complete the assessment but will not face investment limits, allowing unrestricted access to approved digital assets.
The law formally recognizes cryptocurrencies as property under Russian civil law, granting legal protection for digital assets in areas such as bankruptcy proceedings, inheritance disputes, and divorce settlements. However, the Russian ruble remains the country's only legal means of domestic payment, meaning Bitcoin and other cryptocurrencies cannot be used to purchase everyday goods or services.