Russia’s State Duma has passed the country’s first comprehensive law governing crypto assets, according to CoinDesk, with the legislation set to take effect on Sept. 1. The measure creates a formal framework for the sector by limiting crypto exchange platform operations to institutions listed in a “special registry” and allowing banks to refuse transfers to unauthorized platforms. Under the law, retail investors will only be able to buy the most liquid cryptocurrencies through licensed intermediaries, and each intermediary will face an annual purchase cap of about $3,800 for such clients. Qualified investors are exempt from that restriction. The law also extends judicial protection to holders of undeclared crypto assets and brings mining, issuance and circulation, as well as services provided by brokers, asset managers and trading platforms, under regulatory oversight. At the same time, Russia will continue to ban the use of cryptocurrencies for payment of goods and services inside the country, while permitting limited use in foreign trade settlements, transactions involving mining proceeds, and some settlements tied to digital assets.
Russia’s State Duma has passed the country’s first comprehensive law regulating crypto assets, according to CoinDesk. The law is scheduled to take effect on Sept. 1.
Under the new rules, only institutions entered in a “special registry” will be allowed to operate cryptocurrency trading platforms. Banks will also have the authority to reject transfers to platforms that are not authorized.
Retail investors will be allowed to buy only the most liquid cryptocurrencies through licensed intermediaries. For each intermediary, the annual purchase limit for retail clients is about $3,800, while qualified investors will not be subject to that cap.
The law also provides judicial protection for holders of undeclared crypto assets. It places mining, issuance and circulation, along with services involving brokers, asset managers and trading platforms, within the scope of regulation.
Russia will still prohibit the use of cryptocurrency to pay for goods and services domestically. Limited use will remain allowed in foreign trade settlements, transactions involving mining proceeds, and some settlements related to digital assets.
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