Russia enters the era of cryptocurrency regulation with a new law

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On September 1st, the first comprehensive legal framework entered into force in Russia to regulate the trading, custody, and cross-border settlement of cryptocurrencies. This step shifts digital asset activities to a more organized path under the supervision of the Central Bank of Russia, setting different rules for individual and qualified investors.

Under the new framework, investors can access eligible cryptocurrencies through regulated channels, but the conditions differ according to investor classification. Non-qualified investors must pass an eligibility test before making purchases, with an annual cap set at 300,000 rubles across all intermediaries.

This limit is aimed at restricting the size of individual investors' exposure to highly volatile digital assets, while qualified investors are not subject to the same annual purchase limit, providing them with a broader scope to trade in cryptocurrencies while still adhering to regulatory requirements and applicable eligibility tests.

The law's implementation marks a significant shift in Russia's relationship with the cryptocurrency market, as the framework extends beyond trading to include the custody of assets and the settlement of certain cross-border transactions. This means providing a legal basis for activities related to digital assets within a defined scope instead of operating outside a comprehensive regulatory framework.

Read more about Russia enters the era of cryptocurrency regulation with a new... - News source:https://www.arabictrader.com/en/news/cryptocurrencies/227998