Putin signs law regulating digital currencies, digital rights in Russia

Putin signs law regulating digital currencies, digital rights in Russia The document establishes operational frameworks for crypto exchanges, digital depositories, and market participants© Alexander Kazakov/Russian Presidential Press and Information Office/TASSMOSCOW, August 4. /TASS/. Russian President Vladimir Putin has signed a law that, for the first time, provides comprehensive regulation for the circulation of digital currencies and digital rights in Russia. The document establishes operational frameworks for crypto exchanges, digital depositories, and market participants, while defining conditions for investors purchasing cryptocurrencies. The legislation governs the organization, accounting, and custody of digital currencies and foreign digital instruments. It also regulates cryptocurrency mining, the issuance and circulation of digital rights, and the activities of information system operators issuing digital financial assets (DFAs). Furthermore, the law sets standards for digital currency exchange providers, digital depositories, brokers, management companies, trade organizers, and clearing houses. Requirements for crypto exchanges Only entities included in a special registry will be permitted to conduct digital currency exchange activities. However, they are allowed to operate without registration until July 1, 2027. The minimum equity requirement for such organizations is set at 15 million rubles ($187,339). Digital currency exchange activity is defined as the systematic execution of cryptocurrency buy and sell transactions in one's own name and for one's own account outside of organized trading. The criterion for systematic execution is defined as concluding two or more transactions within a single month for a total amount exceeding 3.5 million rubles ($43,712). Such entities will also be required to join a financial market self-regulatory organization (SRO). Meanwhile, clearing houses will be allowed to execute transactions with digital currencies without being registered and without involving a broker, provided that it is necessary to fulfill obligations to clearing participants or to settle defaults. Cryptocurrencies cannot be used to pay for goods and services The law retains the ban on using digital currencies and digital rights as a means of payment or legal tender within Russia. It is also prohibited to disseminate information, including advertising, regarding the option to pay for goods, works, services, information, or intellectual property using cryptocurrency. However, a number of exceptions are provided. The use of digital currencies is permitted: for settlements under foreign trade contracts between residents and non-residents; for using cryptocurrencies obtained through mining; for paying fees stipulated by the rules of the relevant information system; for settlements involving securities, other digital currencies, or digital rights. Banks authorized to block suspicious transactions If a credit institution or a branch of a foreign bank suspects that transactions are being conducted by an unauthorized digital currency exchange provider, the bank will be required to block the transfer of funds. Furthermore, the law enshrines judicial protection for the rights of digital currency holders, regardless of whether such assets have been previously declared. Rules for investors Retail (non-qualified) investors will be permitted to purchase only the most liquid cryptocurrencies through intermediaries, capped at 300,000 rubles ($3,700) per year per intermediary. Qualified investors will be allowed to purchase any cryptocurrency without such restrictions. Both categories of investors will be required to pass special suitability testing. Additionally, individuals can obtain qualified investor status based on their transaction history in cryptocurrency markets. The core provisions of the law will take effect on September 1, 2026. However, certain clauses such as regulations restricting money transfers and operational frameworks for non-resident digital depositories will come into force later on July 1, 2027. Technical provisions governing the issuance and circulation of digital financial assets (DFAs), alongside requirements for nominal holders of DFAs and depositories will come into force on September 1, 2027. A transitional period until March 1, 2027, is provided for existing digital financial asset exchange operators. 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