Russia Formalizes Rules for Crypto Trading and Cross-Border Settlements

Russia's new crypto law has officially taken effect as of September 1, establishing a formal framework for regulating various areas of cryptocurrency activity in the country.

The legislation sets out rules for trading and custody of digital assets, as well as their use in cross-border settlements. This marks a significant step towards providing a clear legal basis for businesses and market participants involved in digital-asset transactions.

One notable aspect of the law is its inclusion of provisions covering cross-border settlements involving crypto assets. This has particular relevance to international financial activity, as governments globally continue to develop different approaches to cryptocurrency regulation.