The Russian State Duma has passed a law establishing the country’s first comprehensive framework for regulating cryptocurrencies, with most of the new rules set to take effect on September 1.
The law creates a legal framework for cryptocurrency exchanges, custodians and other providers of digital assets, while setting rules defining who can buy cryptocurrencies and under what conditions, Russian state news agency TASS reported on Tuesday.
Only organizations registered in a special register will be allowed to operate as cryptocurrency exchanges, although businesses 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 judicial protection to holders of digital currencies, whether or not their assets have been declared beforehand.
Retail investors will be allowed to purchase the most liquid cryptocurrencies through approved intermediaries, subject to an annual limit equivalent to approximately $3,800 per intermediary. Qualified investors will be able to purchase any crypto without restrictions.
