Putin signs Russian crypto regulation bill

Russian President Vladimir Putin has signed a bill bringing the cryptocurrency market into the regulatory fold, local outlet TASS reported. The law sets out rules for crypto exchanges, custodians, mining, and the issuance and circulation of digital financial assets, or DFA, with key provisions taking effect on Sept. 1. It also mandates registration for crypto trading operators, which must join a self-regulatory organization, or SRO, and maintain at least 15 million rubles ($187,339) in minimum capital. However, operators will be allowed to continue doing business without registration until July 1, 2027. Under the law, retail investors will be allowed to buy only highly liquid cryptocurrencies through intermediaries, with an annual limit of 300,000 rubles ($3,700) per firm, while qualified investors will be able to trade without restrictions. Advertising cryptocurrencies or using them as a means of payment for goods and services will remain banned, though exceptions will be allowed for foreign trade settlements and the use of crypto obtained through mining. Banks will also be required to block fund transfers suspected of involving unlicensed crypto trading operators.