Russian President Vladimir Putin has signed a law establishing the legal framework for the circulation of cryptocurrencies in the country. The document dated August 4th 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 field of organizing the circulation, accounting, and storage of digital currencies and foreign digital instruments, mining, as well as the issuance and circulation of digital rights.
The document also establishes requirements for operators of information systems issuing digital financial assets, organizations for the exchange of digital currencies, brokers, management companies, trading organizers, and clearing organizations.
It is noted that only organizations included in a special register will be able to engage in the exchange of digital currencies. A transition period until July 1, 2027, is provided, during which such organizations will be able to operate without being included in the register.
The minimum amount of own funds for crypto exchanges must be 15 million rubles. The activity of exchanging digital currencies will be understood as the systematic conclusion of purchase and sale transactions of cryptocurrencies on one's own behalf and for one's own account outside organized trading.
The criterion for systematicity is considered to be the conclusion of two or more transactions per month with a total amount exceeding 3.5 million rubles. Such organizations will also have to join a self-regulatory organization of the financial market.
On June 16, Deputy Finance Minister Ivan Chebeskov announced that non-qualified investors in Russia will soon be able to legally buy Bitcoin, Ethereum, and popular stablecoins. Furthermore, the deputy minister clarified that a limit of 300,000 rubles per year through one intermediary has been proposed for "non-qualified" investors.
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