From September 1, a new law will change the status of cryptocurrencies in Russia: digital assets will be officially recognized as property, not as a means of payment. This will allow owners to protect their rights within the legal framework and work with cryptocurrencies under more understandable conditions. Market prospects were discussed by financial expert and entrepreneur Alexander Vinnik in an interview with Izvestia on August 5.
According to the specialist, the main effect of the changes lies in the legalization of the very fact of owning crypto assets.
"For a wide range of people, crypto will cease to be something semi-legal — something that is unclear how to work with. Now it can be owned officially, which means the possibility arises to protect one's rights in court," the expert noted.
He believes the new rules could attract part of the cautious investors to the market, who previously avoided cryptocurrencies due to the lack of clear regulation. An additional factor will be the development of infrastructure. Major banks have already announced plans to create their own crypto platforms, which in the future could make purchasing digital assets as accessible as buying stocks or other investment instruments.
However, according to Vinnik, the new regulation has an important limitation. The state views cryptocurrency primarily as an asset, not as a full-fledged means of payment.
"From a legal perspective, cryptocurrencies are more similar to, for example, gold. They still cannot be used to pay for goods and services within Russia, even though this is exactly what many active users of digital assets expected. Because of this, some operations with cryptocurrencies may still remain outside the official circulation," the expert explained.
At the same time, the state has provided separate opportunities for businesses involved in international trade. According to Vinnik, companies are already using cryptocurrencies for cross-border settlements, and the new rules could make such operations more transparent and secure.
"In the near future, foreign trade may become the main direction for the use of legal cryptocurrency. The state will be able to see such operations, and businesses will get clearer rules for work," the expert stated.
However, the specialist does not expect a sharp influx of investment into the crypto market following the adoption of the law. In his opinion, digital assets will gradually occupy a small share in investment portfolios alongside other high-risk instruments. In the future, the market may attract both large institutional players and private investors, but its development will depend on the further expansion of regulation and the conditions for access to digital assets.
Russian President Vladimir Putin signed a law establishing the legal framework for the circulation of cryptocurrencies in the country. The document dated August 4 is aimed at regulating operations with digital currencies and defines the procedure for their use within the framework of Russian legislation. The law regulates relations in the sphere of organizing the circulation, accounting, and storage of digital currencies and foreign digital instruments, mining, and the issuance and circulation of digital rights.
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