Russia Passes Landmark Crypto Regulation Law Amid Ongoing Fraud Investigation

After months of anticipation, Russia has passed a landmark law regulating its crypto market. The State Duma approved bill No. 1194918-8, titled "On Digital Currency and Digital Rights," in its second and third readings on July 21. This move sends the legislation to President Putin for signature.

The new law aims to provide a framework for digital asset trading, exchanges, and depositories nationwide. The Bank of Russia proposed its first organized trading framework for digital assets and rights, adding formal rules for exchanges and digital depositories.

In another development, Russian authorities transferred BitRiver founder Igor Runets from house arrest to pre-trial detention for at least two months while a fraud investigation continues.