State Duma passes law regulating cryptocurrency

The State Duma has passed a law regulating cryptocurrency

The law “On Digital Currencies and Digital Rights” was passed in its second and third readings. It is expected to enter into force in September. The explanatory note says the law is aimed at “increasing the transparency of the digital currency market, establishing service standards in it, and protecting the rights and interests of investors.”

🔹The law officially recognizes cryptocurrency as property: individuals and sole proprietors will pay personal income tax on income from transactions, while legal entities will pay profit tax, RBC writes.

🔹“Non-qualified investors” will be able to buy “liquid cryptocurrencies” from the Central Bank’s list through a licensed intermediary. The Central Bank will determine the maximum volume of such purchases separately.

🔹“Qualified investors” may buy any cryptocurrencies without restrictions. At the same time, both categories of investors will have to undergo special testing.

🔹To be included in the Central Bank’s list, a cryptocurrency must meet several conditions — today, bitcoin, Ethereum, and USDT satisfy these requirements.

🔹According to the law, the circulation of cryptocurrency will be handled exclusively by specialized intermediaries: trading organizers, brokers, asset managers, and legal crypto exchangers.

🔹“Digital depositories,” whose register will be maintained by the Central Bank, will be responsible for the accounting and storage of cryptocurrency. It is also permitted to store assets in a non-custodial — “cold” — wallet.

🔹According to the text of the law, the ban on using “digital currencies and digital rights” as a means of payment remains in force in Russia. Exceptions are possible, in particular, only in settlements under foreign trade contracts.

🔹The law also introduces a ban on advertising and distributing information about the use of cryptocurrency as a means of payment.

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