Putin Signs Law Giving Cryptocurrency Legal Status in Russia

Russia's draft law regulating cryptocurrencies has been legally signed by President Vladimir Putin. The new law gives the cryptocurrency legal status, but prohibits its use as a means of payment.

Russian crypto law signed

Russian President Vladimir Putin signed the law regulating digital financial transactions (DFA) on Friday, the Russian media RIA Novosti reported. It was approved on July 22 by the State Duma, the lower house of the Russian parliament, and on July 24 by the Federation Council. The law will enter into force on January 1, 2021.

The law defines the digital currency as “being recognized as an aggregate of electronic data that can be accepted as a form of payment, not as a currency unit of the Russian Federation or a foreign country and as an investment,” Russian news agency TASS described. "The digital currency cannot be used to pay for goods and services at the same time."

In the meantime, the law stipulates that digital financial assets are “digital rights, monetary claims, the ability to exercise rights to tradable securities, the right to participate in the equity of a non-public corporation, and the right to transfer tradable securities include in a decision on the DFA issue, ”noted TASS. These assets can be sold, bought, exchanged and pledged. However, they cannot be used as a form of payment.

Russian banks and stock exchanges can become stock exchange operators of digital financial investments if they register with the central bank, the Bank of Russia. The publication developed:

The Central Bank is authorized to keep the register of information systems and the register of operators of the exchange of digital financial assets and to monitor the business of operators of information systems.

Individuals and legal entities in Russia can only challenge cryptocurrency transactions in court if they have declared these transactions and have cryptocurrency, according to RIA Novosti.

A number of terms related to cryptocurrency were excluded in the final invoice after second reading, e.g. B. "Token" and "Mining". Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, told the news agency that more detailed regulation of cryptocurrency will be included in another bill that could be passed in the autumn session. The bill that Putin signed has been published on the official website of the Russian government for legal information and can be found Here.

What do you think of the Russian crypto law? Let us know in the comments below.

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