Putin Signs Digital Currency Rules into Law in Russia

Russian President Vladimir Putin has signed into law comprehensive rules governing digital currencies and rights. The legislation, known as the 'On Digital Currency and Digital Rights' law, establishes clear operational standards for various market participants.

The new framework requires organizations to maintain a minimum capital of 15 million rubles (approximately $187,000) and become members of a financial-market self-regulatory organization to conduct digital currency exchange activities. Exchange activity is defined as systematically executing cryptocurrency buy-and-sell transactions outside organized trading venues, totaling more than 3.5 million rubles.

The law maintains the prohibition on using digital currencies or rights as a means of payment for goods and services inside Russia. However, exceptions exist for foreign-trade contracts, mined cryptocurrency, certain system fees, and exchanges involving securities or other digital assets.