Putin Signs Russia's Crypto Trading Law, Payments Remain Banned

Russian President Vladimir Putin has signed Russia's first crypto law, which legalizes trading but keeps payments in cryptocurrency banned. This move comes after months of regulatory uncertainty for the Russian cryptocurrency market.

The new law aims to regulate the use of cryptocurrencies and prevent money laundering. However, it does not provide clear guidelines on the taxation of cryptocurrency profits.

BitRss reported that Russia has been working on this legislation since 2015, with Putin signing the bill into law after its passage through the State Duma and Federation Council. The law now makes trading in cryptocurrencies legal for Russian citizens, but payments using these digital assets remain prohibited.