"The proposal defines key legal concepts, including the 'circulation of digital currency' and the 'organization of digital rights circulation,' while establishing which entities can operate in the market."
"A central feature of the bill is the classification of digital currency as property, allowing crypto holdings to be recognized in legal disputes, including bankruptcy proceedings and divorce settlements."
"The legislation maintains a strict ban on using cryptocurrency for domestic payments, with the Russian ruble remaining the sole legal means of payment within the country."
"The bill allows digital currencies to be used in foreign trade, offering companies a potential tool for cross-border transactions."
The State Duma has approved a bill to regulate digital currencies, marking a significant move towards oversight of the crypto market. The legislation defines key concepts and establishes five categories of regulated participants, including exchanges and brokers, all of which must obtain licenses. The central bank will oversee these entities and can impose transaction limits. A notable aspect of the bill is the classification of digital currency as property, allowing recognition in legal disputes, while maintaining a ban on domestic cryptocurrency payments.
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