The State Duma of the Russian Federation legalizes cryptocurrencies: a law on digital currencies has been adopted
A Russian legislator has taken a decisive step toward the formal integration of cryptocurrencies into the financial system. The State Duma adopted the law "On Digital Currency and Digital Rights" in its second and third readings simultaneously, indicating a high degree of consolidation of government positions on this issue. The key element of the document is the recognition of digital currencies as property. This is a fundamental shift: from now on, crypto assets receive a status similar to tangible objects and securities, paving the way for their full taxation and judicial protection.
New Rules of Circulation and Judicial Protection
The law not only declares the status but also introduces general rules of circulation for cryptocurrencies. This means the state intends to regulate not only mining but also purchase, sale, exchange, and storage operations. An important innovation is that judicial protection of rights to digital currencies is provided regardless of prior declaration. This removes the risk for holders who have so far feared claims from law enforcement agencies due to undisclosed assets. Essentially, the state is saying: "We will protect your rights even if you have not declared them in advance," which is a powerful incentive for cryptocurrencies to come out of the shadows.
What's Next: The Path to Legal Investments
For the law to come into force, only a formal stage remains—approval by the Federation Council and the president's signature. After that, Russians will gain a legal opportunity to invest in cryptocurrencies through Russian exchanges, brokers, and trust managers. This radically changes the landscape: instead of gray P2P platforms and foreign exchanges with limited access, a legal infrastructure will emerge. This is expected to lead to an influx of capital into domestic crypto projects and increased liquidity in local markets.
My expert assessment: The adoption of this law is a historic moment for the Russian crypto market. However, formal legalization will be followed by a heavy tax and regulatory burden. Investors should prepare for mandatory identification and reporting. But the main thing is that this is the first step toward creating a civilized market where participants' rights are protected by law, not just by blockchain code.