A limit will be set: no more than 300 thousand rubles (3,300 euros) per year per intermediary.
Exporters and importers will be able to use cryptocurrency without restrictions in international settlements, and its circulation within the country will be legalized from September, but strictly limited.
How everything will be controlled
Internal cryptocurrency settlements will be prohibited, and its purchase and sale will only be allowed within the system regulated by the Central Bank of Russia – on exchanges, through brokers, management companies, cryptocurrency exchanges, and digital depositories, similar to the securities market.
Operations with cryptocurrency can only be performed after passing a test, and for “unqualified” investors (who constitute the vast majority – 98%, according to Central Bank data), a limit has been set: no more than 300 thousand rubles per year per intermediary, writes “The
All operations with cryptocurrencies, their storage, and accounting must be carried out within the infrastructure regulated by the Central Bank. The law legalizes cryptocurrency exchanges and digital depositories and gives all market participants one year until July 1, 2027, to obtain licenses.
Through these structures monitored by Russian authorities, it will be possible to trade cryptocurrencies and buy other assets (securities, digital instruments) with them. Banks will be obliged to refuse transfers to other, “unauthorized” recipients. Cryptocurrencies with an average capitalization exceeding 5 trillion rubles and an average trading turnover of at least 1 trillion rubles per day over two years will be allowed for exchange trading.
Like business entities, Russians will be able to perform operations with cryptocurrencies abroad – but only through accounts in foreign banks. Cryptocurrency acquired in Russia can be transferred abroad through regulated intermediaries.
However, strict control is introduced over the input of money into the cryptocurrency circulation infrastructure and its withdrawal from it to those controlled by so-called private keys, where assets are stored not with a licensed professional participant, but in the owner’s “cold wallet”. Transfers to “cold” wallets are only available to foreign trade organizations, and individuals must first transfer cryptocurrency to a foreign storage wallet, and only from there to a “cold” wallet.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, explained this as protecting people from fraudsters and involvement in criminal operations: “The mass use of anonymous wallets and “grey” cryptocurrency circulation contradicts the idea of a legal market”.
Russians have large cryptocurrency reserves. Even after the collapse of the cryptocurrency market, the Central Bank of Russia estimated their projected balance of funds on cryptocurrency exchanges at 720 billion rubles (8 billion euros): at the end of March, Russians’ wallets contained bitcoins worth 350 billion rubles, ether worth 44 billion rubles, and other cryptocurrencies worth 186 billion rubles.
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