Bill ‘On Digital Currency’ caps crypto investments for Russians, opens door for payments

04/18 11:16

The Ministry of Finance of Russia recently submitted to the government an updated version of its bill “On Digital Currency” designed to comprehensively regulate the country’s crypto market. According to the draft, qualified investors, or “professional purchasers of digital currency” as they are now described, will have unrestricted access to crypto assets. Ordinary Russians, however, will be able to buy a maximum of 600,000 rubles (approx. $7,000) worth of cryptocurrency each year. And that’s after they take a special exam. Those Russian residents who fail to pass the test will be allowed to only acquire coins with a total value not exceeding 50,000 rubles annually (around $600 at the current exchange rates), the Interfax news agency revealed. The new law defines the term ‘digital currency’ as “a set of electronic data contained in an information system that can be accepted as a means of payment that is not the monetary unit of the Russian Federation, or as an investment.” Digital currency is considered property in Russia, the report notes. The wording seems to provide the legal basis for the employment of cryptocurrencies in payments. But at the same time, the bill reads that Russian legal entities, including subsidiaries of foreign companies and international organizations established in Russia as well as individuals staying in the country for at least 183 days within 12 months, cannot accept digital currency as payment for goods and services. If Russian lawmakers approve the law, it is expected to enter into force on Jan. 1, 2023.

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