Putin Signs Russia's First Law Regulating Digital Currencies

Russian President Vladimir Putin has signed Russia's first law regulating digital currencies. The legislation aims to provide comprehensive oversight of crypto activities in the country, including rules for exchanges, depositories, and market participants.

The new law defines conditions for investors to purchase cryptocurrencies and sets standards for exchange providers, brokers, management companies, trade organizers, and clearing houses. It also regulates cryptocurrency mining, the issuance and circulation of digital rights, and the activities of information system operators issuing digital financial assets.

Under the law, organizations included in a special government registry will be permitted to carry out digital currency exchange activities after July 1, 2027, with a minimum amount of own funds set at 15 million rubles (approximately $186,000 USD). These entities must also join a self-regulatory body in the financial market.

The law retains the ban on using digital currencies and digital rights as a form of payment within Russian territory and prohibits relevant advertising. The main part of the law will take effect on September 1, while certain provisions will take effect from July 1, 2027.