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