Russia Accelerates Formation of Cryptocurrency Regulatory Framework with Two Major Legislative Measures

February 25 News, Russia has recently been active in the field of cryptocurrency regulation, with a series of legislative initiatives marking the rapid development of its regulatory framework.

According to foreign media reports, in terms of market access and compliant trading, the draft law "Digital Currency and Digital Rights," jointly prepared by the Central Bank of Russia and the Ministry of Finance, is scheduled to take effect this July.

The law imposes strict restrictions on entities, allowing only eight licensed domestic securities and commodities exchanges to conduct trading. Over-the-counter "crypto exchangers" must be registered officially and meet capital requirements.

To enhance transparency, the law introduces the concept of "address identification codes," requiring sharing of trading data with the Central Bank and law enforcement agencies, and implementing targeted regulation for institutions with monthly trading volumes exceeding 3.5 million rubles.

For individual investors, the law establishes "test access" and quota limits, requiring investors to pass an annual test, with an annual purchase cap set at 300,000 rubles. Violators using overseas platforms may face fines.

In addition to the above laws, Putin has recently signed new regulations to strengthen enforcement. These regulations define cryptocurrencies like Bitcoin as "intangible property" in criminal law and grant courts the authority to confiscate related assets in criminal cases.

According to the regulations, law enforcement agencies must specify token details when applying for confiscation and can transfer assets into government-controlled wallets. Russian officials stated that this provides a legal basis for cooperation with overseas exchanges.

Combining these two major legislative measures, analysts believe that this clearly outlines Russia's "combination of regulation and control" approach:

That is, constructing controlled compliant channels through access restrictions, while filling the legal gaps in combating criminal assets through amendments to criminal law.

#俄罗斯 #Cryptocurrency Regulation