Russia Partially Legalizes Crypto Investment and Trading

Russia has partially legalized cryptocurrency investment and trading, effective from September 1. The move is part of a bill on 'digital currency and digital rights' that was signed into law by President Vladimir Putin in early August.

The law allows Russian residents to buy digital assets through licensed intermediaries registered with the Central Bank of Russia, but bars domestic payments using cryptocurrency. Only approved banks, securities firms, trust managers, securities exchanges, and digital depository institutions can handle transactions, which must meet specific requirements.

Retail investors will be limited in their ability to buy cryptocurrencies, mainly tokens with high liquidity and large market capitalization, such as Bitcoin, Ethereum, and Tether's stablecoin USDT. Professional investors and import-export companies are exempt from these restrictions.