Russia Passes Law Regulating Cryptocurrency Market

Russia has taken a significant step towards regulating its cryptocurrency market after the State Duma passed a law on digital currencies. The legislation establishes the legal status of cryptocurrencies, describes the procedure for operations with them, and distributes oversight powers among government agencies.

The new law considers digital currency as property, allowing owners to defend their rights in court and account for it in financial statements. This move marks a turning point for the market, bringing Bitcoin, stablecoins, and other digital instruments from a gray area into a regulated environment.

Under the law, residents of Russia will be able to buy cryptocurrency through Russian infrastructure, including exchanges, brokers, trust managers, management companies, and crypto exchangers. Transactions with digital currency will go through Russian infrastructure, with market supervision handled by the Bank of Russia.