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Russia passes crypto market law, sets retail annual cap near $3,800
The new framework takes effect Sept. 1, restricts exchanges to entities in a special registry, and requires banks to refuse suspicious transfers.
CoinDesk reports Russia’s State Duma has approved the country’s first comprehensive cryptocurrency law, with most provisions set to take effect on Sept. 1.
The legislation creates a legal framework for crypto exchanges, depositories and other digital asset providers, limits crypto trading to entities included in a special registry, and allows firms to keep operating without registration until July 1, 2027.
Under the law, banks must refuse transfers if they suspect an unauthorized entity is operating a cryptocurrency exchange. It also guarantees judicial protection for holders of digital currencies, regardless of whether the assets were previously declared.
Russia’s rules keep a ban on using crypto for domestic payments, but allow limited use in foreign trade settlements and certain transactions, as EU sanctions targeting Russia’s crypto activity have intensified.