Putin Signs Crypto Regulation Law with Payment Ban Intact

Russia has passed a law to regulate crypto exchanges, but citizens will still not be able to use digital currencies as payments. The new law allows only registered entities to operate exchanges and caps retail trading of liquid cryptocurrencies at 300,000 rubles ($3,700) per year.

Qualified investors have no restrictions on their trading activity. However, the ban on using digital currencies as a means of payment or legal tender within Russia remains in place.

The law also permits the use of crypto for foreign trade settlements and mining, which is seen as a significant development for CEX compliance, adoption, and DeFi use cases.