Russia approved the first reading of the bill titled “On Digital Currency and Digital Rights”, which formally recognizes cryptocurrencies as property.
Bitcoin and Ethereum are among the first assets to receive official recognition. The initiative garnered broad political support and lays the groundwork for a structured regulatory framework in the country.
Under the proposed rules, cryptocurrencies may be used in cross-border payments and foreign trade but remain prohibited for everyday transactions within the country. They cannot be used to purchase goods, pay for services, or cover salaries inside the country.
The ruble will remain the sole legal tender for domestic operations. The regulation also legalizes cryptocurrency mining under specific conditions: miners must register their equipment and operate within Russian infrastructure, allowing the government to track and supervise the sector’s activity more effectively.
The bill grants the Bank of Russia full authority over cryptocurrency operations. It will license exchanges and brokers, set operating standards, and oversee all sector activity.
The law also distinguishes two investor categories: qualified investors with broader limits, and non-qualified investors whose annual transactions are capped between $3,900 and $4,000. This segmentation aims to protect less experienced users from market volatility.
If the bill advances without substantial changes, the law will take effect on July 1, 2026, with some provisions delayed to allow the system to adapt.
With more than 20 million crypto users, Russia opts for controlled regulation. The chosen model prioritizes the strategic use of digital assets over individual financial freedom.
Source: X.com
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment