Russia Brings Cryptocurrency Under State Control with New Comprehensive Law

The Russian government has introduced a comprehensive cryptocurrency law that brings digital assets under a clear framework for trading, storage, and accounting. The law, signed by President Vladimir Putin, assigns roles among market participants and describes who can do what.

Cryptocurrency exchanges will conduct digital currency trading after being included in the registry and under the supervision of the Bank of Russia. Digital depositories will store assets and keep records of investors' rights, while brokers and management companies will buy and sell cryptocurrency for clients within rules set by the Bank of Russia. Crypto exchangers will exchange non-cash rubles for cryptocurrency and vice versa after registration and compliance with regulator requirements.

The law also recognizes mining as a type of activity and creates a legal framework for the sale, purchase, storage, and circulation of mined assets. However, it is still prohibited to pay for goods and services in Russia with cryptocurrency, except for participants in foreign economic activity and crypto exchangers.