Putin Signs Russia's First Comprehensive Cryptocurrency Law

Russian President Vladimir Putin has signed the country's first comprehensive law regulating cryptocurrency markets. The legislation, which takes effect on September 1, sets out rules for the issuance, storage, accounting, and trading of cryptocurrencies, including exchanges, digital custodians, brokers, and clearing houses.

The law maintains a ban on using cryptocurrencies as payment for goods and services and prohibits advertising that promotes cryptocurrency payments. However, it does allow for the use of cryptocurrencies in international trade under certain conditions.

Exchanges must be registered with the government and have at least 15 million rubles ($187,000) in capital. Operators existing before the law takes effect have until July 1, 2027 to register.