Russian President Vladimir Putin has signed a law that permits the use of cryptocurrencies in foreign trade transactions. The law applies to transactions between companies resident in Russia and foreign parties.
Under the new regulations, cryptocurrencies can be used in transactions involving crypto assets that were obtained through mining activities. Additionally, the law allows for the use of cryptocurrencies to purchase digital rights, other cryptocurrencies, or securities.
Domestic restrictions and advertising
While international trade is permitted, the ban on using cryptocurrencies for the payment of goods and services within Russia remains in effect. Furthermore, the law prohibits advertising or information activities regarding the ability to pay for goods or services using cryptocurrency.
Investor limits and banking oversight
The legislation establishes different rules for domestic investors. In contrast, qualified investors in Russia are permitted to trade all cryptocurrencies without an amount limit.
Banking institutions, including branches of foreign banks, are authorized to refuse money transfers if they suspect that transactions are being conducted by an unauthorized cryptocurrency institution.
