MOSCOW, July 21. /TASS/. The State Duma (lower house of the parliament) has passed a law that, for the first time, comprehensively regulates the circulation of digital currencies and digital rights in Russia. The document submitted by the Russian government establishes rules for the operation of crypto exchanges, digital depositories, and market participants, and defines the conditions for cryptocurrency purchases by investors.
The law regulates matters related to the organization of the circulation, accounting, and storage of digital currencies and foreign digital instruments, the mining, issuance, and circulation of digital rights, and the activities of operators of information systems issuing digital financial assets, digital currency exchange organizations, digital depositories, brokers, management companies, trading organizers, and clearing organizations.
Only organizations included in a special registry will be permitted to engage in digital currency exchange activities. They are allowed to operate without being listed in the registry until July 1, 2027. Digital currency exchange activity is understood as the systematic execution of cryptocurrency purchase and sale transactions on one’s own behalf and at one’s own expense outside of organized trading. That said, clearing organizations will be able to execute transactions involving digital currencies without being included in the registry and without engaging a broker, provided this is necessary to fulfill obligations to clearing participants or to resolve instances of their failure to meet their obligations.
