Russia’s State Duma passed legislation establishing the country’s first comprehensive framework for regulating cryptocurrencies, with most of the new rules coming into effect on September 1.
The law creates a legal framework for cryptocurrency exchanges, depositories and other digital asset providers, while setting rules on who can buy cryptocurrencies and under what conditions, Russian state news agency TASS reported on Tuesday.
Only organizations included in a special registry will be able to operate as cryptocurrency exchanges, although companies will be able to continue operating without registration until July 1, 2027.
Under the new law, banks will have to refuse transfers if they suspect that an unauthorized entity is operating a cryptocurrency exchange.
The legislation also guarantees judicial protection to holders of digital currencies regardless of whether the assets were previously declared.
Retail investors will be allowed to purchase the most liquid cryptocurrencies through licensed brokers, subject to an annual limit equivalent to approximately $3,800 per broker. Qualified investors will be able to purchase any crypto without restrictions.
