The President of Russia signed Federal Law 282-FZ on August 4, which legalizes the circulation of cryptocurrencies. This law recognizes digital currencies as property, establishes general requirements for their turnover, and provides judicial protection for rights related to them.
Here are the key provisions highlighted by iGN:
- Accepting cryptocurrency and digital rights as a means of payment within Russia is prohibited, as is disseminating information, including advertising, about using them for goods, works, and services.
- Exceptions to this prohibition include settlements under foreign trade contracts between residents and non-residents, mining rewards, payment of network fees, as well as the purchase of securities, digital rights, and other digital currencies.
- Exporters and importers can use all types of cryptocurrencies and wallets for these transactions.
- Transfers to non-custodial wallets exceeding $1,250 are only allowed after a 48-hour cooling-off period.
- Non-qualified investors will only be able to purchase the most liquid cryptocurrencies up to $3,750 per year through each intermediary.
- Crypto exchanges can operate without being registered with the Central Bank until July 1, 2027.
- From September 1, 2027, crypto exchanges and digital depositories must verify buyer accounts and refuse transactions if the data does not match.
- The regulation and supervision of cryptocurrency circulation have been assigned to the Bank of Russia.
- The government, in coordination with the Central Bank and the FSB, can introduce a special regime for the circulation of digital currencies to protect economic interests and state security.
Some provisions will come into effect later than the main date of enforcement.