Russia Clears Hurdles for Cryptocurrency Trading with Regulated Markets

Russia has legalized cryptocurrency trading, paving the way for regulated markets and increased adoption of digital assets. President Vladimir Putin signed into law a landmark bill allowing cryptocurrency trading, which will be overseen by the Bank of Russia.

The new law sets operating rules for exchanges, custodians, and other market participants, regulates conditions for investors buying cryptocurrencies, and covers circulation, accounting, and storage of digital assets. It also applies to mining, issuance, and circulation of digital rights.

Russia's cryptocurrency market is already significant, with Chainalysis estimating it ranks as Europe's largest by transaction volume. The Russian Finance Ministry puts daily domestic crypto trading totals at around ₽50 billion (US$650 million).

The legislation aims to bring crypto activity out of the shadows while facilitating cross-border trade after Western sanctions restricted Russia's access to traditional international financial systems.