Russia Introduces Comprehensive Rules for Digital Assets
Russia has introduced comprehensive rules for digital assets through a new law signed by President Vladimir Putin. The legislation aims to bring the cryptocurrency market out of the gray zone and give the state more control over transactions, allowing it to monitor the movement of money.
The law assigns roles among market participants, including exchanges, depositories, brokers, and exchangers, which must operate under the supervision of the Bank of Russia. Digital financial assets (DFAs) are considered digital rights issued and accounted for through special information systems.
Crypto expert Alex Spektor believes that the main point of the law is not to enable free circulation of digital assets but their integration into the state infrastructure, creating a channel for external settlements and allowing the authorities to monitor transactions.