Russia Adopts New Law Regulating Cryptocurrency Market

Russia's authorities have passed a law "On Digital Currency and Digital Rights," which establishes a legal framework for the bitcoin and cryptocurrency market.

The new law regulates the storage of cryptocurrencies, the activities of exchanges, and international transactions conducted using digital assets. The Central Bank of Russia will be the main regulator of the market, while exchanges, brokers, and cryptocurrency custodian companies will need to obtain a license to continue their operations.

According to the Russian Ministry of Finance, the daily turnover of cryptocurrency trading in the country reaches approximately 640 million dollars. The new law aims to bring this market under state control and integrate it into the legal system.

The law also imposes restrictions on private investors. Non-qualified users will be able to purchase cryptocurrencies worth a maximum of 300,000 rubles (approximately 3,820 dollars) per year. Qualified investors will be subject to different rules.

Furthermore, cryptocurrency will no longer be an official means of payment in Russia. The bill has already been sent to the President for signature.

Source: Yahoo Finance