Putin Signs Law Regulating Russia's Cryptocurrency Market

Russia's President Vladimir Putin has signed into law a regulation of the country's cryptocurrency market. The Law on Digital Currencies and Digital Rights formalizes a booming market that has been operating outside the traditional financial system.

According to blockchain analytics firm Chainalysis, Russia is Europe's largest crypto market by transaction volume. The Finance Ministry estimates domestic crypto trading totals around 50 billion rubles (approximately $650 million) per day.

The legislation allows Russians to buy and sell approved cryptocurrencies through licensed platforms supervised by the Central Bank. New digital repositories will keep records of who owns crypto assets, similar to traditional financial assets.

However, some things remain unchanged: cryptocurrencies are still not legal tender in Russia and cannot be used for everyday payments inside the country.