Putin Signs Russian Crypto Bill Into Law

Russia's president signed the first of two bills on digital assets into law on Friday.

Jul 31, 2020 at 3:24 p.m. UTC
Updated Sep 14, 2021 at 9:38 a.m. UTC

Russian President Vladimir Putin signed the first of two bills on digital assets into law on Friday, according to Russian media.

  • The bill, approved by the country's parliament last week, says companies can issue digital securities on a blockchain if they are properly registered with the Bank of Russia as issuers and satisfy certain criteria.
  • Decentralized cryptocurrencies are considered a type of property, which should be reported for tax purposes and cannot be used to pay for goods and services.
  • A more detailed law regulating crypto-related businesses is expected to be passed later this year, although no timeline has been disclosed.
  • The previous version of that bill, which has been introduced to the Russian parliament, would make it illegal to issue and trade crypto on Russia-based infrastructure.
  • The draft generally reflected the skeptical stance of the country's central bank.
  • It provoked an outcry from the crypto community and criticism from both Russia's Ministry of Justice and Ministry of Economic Development.

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