Vladimir Putin Signed the Law on Crypto Regulation

Kataryna Kovtun August 3, 2020


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Vladimir Putin, the head of state, signed the relevant bill at the end of this week.

From January 2021, the cryptocurrency industry will be legalized in Russia.

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Russian President Vladimir Putin signed the law “On digital financial assets”, which defines bitcoin and other cryptocurrencies and prohibits their use in the country as a means of payment. The corresponding document was published on the official Internet portal of legal information, the rules will come into force on January 1, 2021.

Recall that the Bank of Russia and Rosfinmonitoring are opponents of using cryptocurrency as a payment instrument. They were able to achieve amendments to the draft law on the so-called digital assets.

The law was adopted by the State Duma in the third reading on July 22. According to the document, in the country, it will be possible to legally buy, sell, and make other transactions with cryptocurrency. Also, the law contains a reference to separate documents that will regulate mining, the organization of the issuance and circulation of digital currency.

What legal status will cryptocurrencies have in Russia?

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This asset is viewed as property and store of value. It can be transferred, indicated in declarations, but nothing more.

According to the head of the financial committee of the State Duma Anatoly Aksakov, the authorities managed to agree on the most optimal version of the bill. It takes into account the wishes of both the supervisory authorities and the expert community.

He also added that large Russian commodity companies are planning to start producing stablecoins. The first tokens, the rate of which is tied to the quotes of various assets, will be presented in the first half of 2021.

A separate bill regulating relations between token holders will be adopted by the State Duma in the fall of 2020.

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