The State Duma has adopted a law on the regulation of digital…
The State Duma has adopted a law on the regulation of digital currencies and digital rights. A new article in the draft law 'On Digital Currency and Digital Rights' was added regarding the government's authority to establish a special regime for the circulation of digital currencies in response to sanctions, reports RBC on June 18.
Consensus
- The Russian State Duma passed a law on the regulation of digital currencies and digital rights.
- Only organizations included in a special registry may conduct cryptocurrency exchange activities.
- Cryptocurrencies are not recognized as means of payment within Russia, except for foreign trade transactions.
- Investors must undergo mandatory testing to determine their qualification status.
- Both qualified and non-qualified investors will be subject to transaction limits based on their category.
- The law allows the government, with coordination from the Central Bank and a federal security agency, to establish special regimes for digital currencies in response to sanctions.
Points of divergence
- A new article was added to the draft law granting the government authority to set an 'special regime of circulation' for digital currencies in response to sanctions, which is not mentioned in the TASS report. — fontanka
- The final version of the bill has not been finalized and contains multiple amendments allowing rapid decision-making by the Central Bank and government in 'special cases,' a detail absent from the TASS report. — fontanka
- Mining of cryptocurrencies is permitted for legal entities, individual entrepreneurs, and individuals under certain conditions related to energy consumption limits and tax reporting, which is not mentioned in the TASS summary. — fontanka
Coverage (2 sources)
- State Duma adopts law on regulating digital currencies and digital rights. Main points: — ТАСС (Telegram)
- Cryptocurrency market to be protected from sanctions. Authorities amend digital currency bill — Фонтанка