Putin Signs Law Governing Digital Currency Circulation in Russia

Russia has introduced comprehensive regulations for the circulation of digital currencies and digital rights. The new law, signed by President Vladimir Putin, establishes operational frameworks for crypto exchanges, digital depositories, and market participants.

The legislation defines conditions for investors purchasing cryptocurrencies, including requirements for minimum equity and registration with a special registry. Retail investors will be limited to buying only the most liquid cryptocurrencies through intermediaries, capped at 300,000 rubles ($3,700) per year per intermediary.

Crypto exchanges are required to join a financial market self-regulatory organization (SRO) and meet specific criteria for systematic execution of transactions. Clearing houses will be allowed to execute transactions with digital currencies without registration, but only if necessary to fulfill obligations or settle defaults.

The law retains the ban on using digital currencies as a means of payment within Russia, except in certain cases such as settlements under foreign trade contracts or for fees stipulated by information system rules.