Putin Signs Russia's First Crypto Law with Trading Rules

Russian President Vladimir Putin has signed into law the country's first comprehensive legislation governing digital currencies. The new law sets rules for how crypto is issued, stored, accounted for, and traded, bringing exchanges, digital depositories, brokers, and clearing houses under one framework.

The law keeps in place a ban on using crypto and digital rights as payment for goods and services, as well as restrictions on advertising that pitches crypto payments. However, it does permit settlements under foreign trade contracts between residents and nonresidents, as well as deals involving mined coins and payments inside digital asset platforms.

Only organizations on a special government registry may run crypto exchanges, which must have at least 15 million rubles (about $187,000) of their own capital and join a self-regulatory body in the financial market. Registered exchanges also need to reject transfers they suspect are routed through an unregistered provider.