The State Duma of the Russian Federation has legalized digital currencies: a new law recognizes cryptocurrencies as property.
Today, the Russian legislator took a historic step: the State Duma adopted the law "On Digital Currency and Digital Rights" in the second and third readings simultaneously. This document fundamentally changes the legal landscape for cryptocurrencies in Russia, recognizing them as official property.
Key Provisions of the Law
The new regulatory act introduces clear rules for the circulation of digital currencies, which were previously in a gray area. According to the text of the law, digital currencies are now recognized as objects of property rights, granting them full legal protection. It is important to note that judicial protection of rights to cryptocurrencies will be provided regardless of whether the owner declared their assets in advance.
The law establishes general principles for regulating the cryptocurrency market, creating a foundation for further detailing. After passing the Federation Council and being signed by the president, Russians will have the opportunity to legally invest in cryptocurrencies through domestic exchanges, brokers, and trust managers.
What This Means for the Market
The adoption of the law signals a shift from a prohibitive policy to pragmatic regulation. Legalizing circulation through licensed intermediaries essentially creates infrastructure for institutional participation. This could attract capital that has previously flowed to foreign jurisdictions, but simultaneously imposes obligations on market participants to comply with new rules.
My expert assessment: This law is not just a formality but a strategic move. Russia is trying to find a balance between control and innovation development. However, real effectiveness will depend on how quickly the licensing mechanism works and how stringent the reporting requirements turn out to be. Investors should prepare for transparency, but in the long term, this will strengthen trust in the market.