Russia's lower house of parliament has approved legislation establishing a legal framework for cryptocurrency trading, paving the way for the legal circulation of digital assets under state regulation from September.
The State Duma passed the law "On Digital Currencies and Digital Rights" in its second and third readings on Tuesday (July 21), according to Russian newspaper Kommersant.
The legislation recognises cryptocurrencies as property, grants legal protection to ownership rights and appoints the Bank of Russia as the country's cryptocurrency market regulator. The central bank will oversee the sector by maintaining official registers of cryptocurrency exchanges and digital custodians.
Under the new rules, Russian citizens will be allowed to invest in cryptocurrencies through licensed brokers and asset managers. Retail investors who pass a mandatory knowledge test will be able to buy liquid digital assets, although annual investments will be capped at 300,000 roubles (£2,800; about $3,800) per intermediary.
Anatoly Aksakov, head of the State Duma's Financial Market Committee, said the investment cap was designed to limit risks for inexperienced investors in the highly volatile cryptocurrency market.
The law also permits companies involved in foreign trade to use cryptocurrencies and stablecoins for cross-border transactions, expanding an area that Russia has increasingly explored as it seeks alternative payment mechanisms amid Western sanctions.
Transfers to non-custodial cryptocurrency wallets exceeding 100,000 roubles will be subject to a mandatory 48-hour cooling-off period. Cryptocurrency exchanges will also be required to transfer purchased digital assets only to accounts belonging to the buyer. From September 2027, exchanges must additionally verify recipients' accounts.
The legislation is scheduled to come into force on September 1, 2026.
By Aghakazim Guliyev
Source: caliber.az
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