Russia Brings Cryptocurrency Under Legal Framework with Putin's Signed Law

President Vladimir Putin has signed a law regulating cryptocurrency circulation in Russia, bringing it into the legal field and setting basic rules for investors, exchanges, exchangers, and professional market participants.

The new law defines digital currencies as property, allowing owners' rights to be protected in court. Residents of Russia will be able to invest money in crypto assets through Russian exchanges and use services from professional market participants such as brokers, trust managers, management companies, and exchange services.

The Bank of Russia will be the main regulator, with a special procedure for digital currency circulation that can be introduced if necessary. Depositories will be responsible for accounting and storing cryptocurrencies, with their registry maintained by the Central Bank.