Russia's Crypto Law Takes Effect, Caps Investors at $3700
The long-awaited crypto law in Russia has finally taken effect, capping investors at $3,700 per year and paving the way for a regulated market.
The legislation, which was signed into law by President Vladimir Putin in early August, puts the Bank of Russia in charge of the country's crypto market.
Licensed intermediaries, including exchanges, brokers, and custodians, must register with the central bank and join a financial market self-regulatory organization before they can serve customers.
The $3,700 ceiling targets retail investors, while qualified or professional investors face no such restriction. The law also keeps in place a ban on using digital assets to pay for goods and services inside Russia.
However, businesses involved in foreign economic activity are now permitted to accept cryptocurrency for international trade starting from September 1st.