Russia Signs Sweeping Law Governing Digital Currencies and Digital Rights

Russia has enacted a broad legal framework for digital currencies and digital rights after President Vladimir Putin signed the legislation on September 4, according to China News Service cited by ChainCatcher. The documents have been опубликованы on Russia's official legal information portal. The law sets out operating rules for cryptocurrency exchanges, digital asset custodians and other market participants, and specifies eligibility conditions for investors buying cryptocurrencies. It covers the circulation, accounting and safekeeping of digital currencies and foreign digital instruments, along with mining activity and the issuance and circulation of digital rights. It also introduces regulatory oversight for information-system operators that issue digital financial assets, as well as crypto exchanges, custodians, brokers, asset managers, trading organizers and clearing institutions. Under the new regime, Russian citizens may legally invest in cryptocurrencies via domestic exchanges and use services provided by brokers, trustees, asset management companies and crypto exchanges for transactions and related operations. Cryptocurrency registration and custody will be carried out by digital custodians approved by the Bank of Russia, and market participants will be required to meet stringent cybersecurity standards. The Bank of Russia will establish a registry of cryptocurrency exchange operators, bringing credit institutions and brokers under a notification-based regulatory framework. The law is scheduled to take effect on September 1. Some provisions will enter into force on July 1, 2027, or September 1, 2027.