Putin Signs Russia's First Comprehensive Digital Currency Law

Russian President Vladimir Putin has signed Russia's first law regulating digital currencies in the country. The legislation sets out rules for crypto exchanges, digital depositories, and market participants, including conditions for investor purchases.

The new regulations govern the organisation, accounting, and custody of digital currencies and foreign digital instruments. They also regulate cryptocurrency mining, the issuance and circulation of digital rights, and the activities of information system operators issuing digital financial assets.

The law defines specific standards for digital currency exchange providers, digital depositories, brokers, management companies, trade organisers, and clearing houses. Only organisations included in a special government registry will be permitted to carry out digital currency exchange activities after July 1, 2027, with a minimum of 15 million roubles (about US$186,000) in own funds required.

The law also sets limits on investor purchases and requires intermediaries to verify the identity of non-accredited investors. Banks are empowered to block suspicious crypto-related transactions under the new regulations.