Russia's State Duma has passed a law setting rules for the country's crypto market. The legislation, titled 'On Digital Currency and Digital Rights,' aims to create a comprehensive framework for digital assets.
The bill would establish rules for exchanges, brokers, asset managers, and custodians, with the Bank of Russia given wide authority to supervise the framework. It would decide which crypto assets can be offered via licensed intermediaries and publish implementing regulations.
Crypto use for payments inside Russia remains prohibited, while the bill allows digital assets to be used in foreign trade operations. Non-qualified investors face purchase and cross-border transfer limits, with higher thresholds for qualified investors.