Putin Signs Law Regulating Digital Currencies in Russia
Russian President Vladimir Putin has signed the country's first law regulating digital currencies and digital rights. The legislation, which sets out rules for crypto exchanges, digital depositories, and market participants, aims to provide a framework for the circulation of digital assets in Russia.
The law defines conditions for investors to purchase cryptocurrencies and governs the organization, accounting, and custody of digital currencies and foreign digital instruments. It also regulates cryptocurrency mining, the issuance and circulation of digital rights, and the activities of information system operators issuing digital financial assets.
The law requires organizations involved in digital currency exchange activities to be registered with a special government registry and maintain minimum own funds of 15 million rubles (about $186,000). They must also join a self-regulatory body in the financial market. Non-accredited investors will be able to purchase liquid cryptocurrencies via intermediaries, while accredited investors may acquire any cryptocurrencies without limits.
The law retains the ban on using digital currencies and digital rights as a form of payment within Russian territory and prohibits relevant advertising. The main part of the law takes effect on September 1, with certain provisions set to take effect from July 1, 2027.