Russia Legalizes Cryptocurrency with Stricter Rules
Russian President Vladimir Putin has signed a law allowing the use of cryptocurrency in Russia. The document, 'On Digital Currency and Digital Rights,' establishes rules for dealing with digital assets. It will come into effect on September 1.
The new law effectively legalizes cryptocurrency circulation but imposes strict regulations. Making payments with cryptocurrency within Russia is prohibited. Transactions must go through a special infrastructure regulated by the Bank of Russia, which includes exchanges, brokers, and management companies. This aims to bring the market under state control, allowing for tracking and monitoring of transactions.
Individual investors will be required to pass a test before conducting transactions and are limited to 300,000 rubles per year through a single intermediary. Companies working with digital assets must obtain licenses and join the Bank of Russia's system by July 1, 2027. Banks will also be required to refuse transfers to organizations not part of the official infrastructure.