Russia Opens Doors to Legal Crypto Market

Russia has introduced a new legal framework for cryptocurrencies, starting September 1, with the law 'On Digital Currencies and Digital Rights' coming into force. This legislation brings digital currencies under property law, allowing holders to legally hold, declare savings, use coins as collateral, and protect rights in court.

The law also sets clear procedures for circulation, including licensing for crypto exchanges, transaction accounting, client identification, and regulatory oversight by the Bank of Russia and the financial intelligence agency. The transition period will last until July 1, 2027, during which all exchanges must be listed in the Central Bank's registry and obtain a license.

For holders, this means that income from cryptocurrency transactions must be declared, with taxes levied according to applicable regimes. Non-qualified investors will have an annual limit of 300,000 rubles for purchasing cryptocurrency, while qualified investors can buy any cryptocurrencies without restrictions.