The legislation maintains a ban on domestic crypto payments but opens controlled access for foreign settlements and defines crypto as property under Russian law.
Russia’s State Duma has approved the first reading of draft law No. 1194918-8, ‘On Digital Currency and Digital Rights’, moving the country closer to a formal legal framework for cryptocurrency activity.
The bill would establish a legal framework for the circulation of digital currencies in Russia and vest key supervisory powers in the Bank of Russia. It would also reform parts of the existing framework for digital financial assets and digital rights.
The proposed legislation would channel cryptocurrency activity through regulated…
