Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place

Bitcoin Magazine Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place Russian President Vladimir Putin has reportedly signed a law to set in stone the regulation of digital currencies and digital rights in the country — but citizens won’t be using Bitcoin to pay for goods just yet.  News agency Tass reported Tuesday that the new law will allow only registered entities to operate as exchanges, and puts limits on the amount of crypto retail investors can use.  For now, retail investors are limited to trading most liquid cryptocurrencies, capped at 300,000 rubles ($3,700) per year.

Qualified investors have no restrictions, according to the report.  But the new law still prohibits digital currencies and digital rights as a means of payment or legal tender within Russia.

Using crypto has been illegal in Russia as a form of payment since 2022.  According to the report, Russians can use digital currencies to pay for settlements under foreign trade contracts between residents and non-residents or for those involved in crypto mining.  Russian regulators, lawmakers and the central bank have been over the past few years trying to set in stone clear rules for digital assets.  But Putin is pro-Bitcoin?

The news that digital currencies can’t be used as payments may come as a surprise to those who have heard President...