According to RBC, citizens will be allowed to store cryptocurrency. For this purpose, special depositories will appear – organizations that will account for and store digital assets similar to bank custodial services.
At the same time, the use of non-custodial wallets (where the user himself controls access) is not prohibited. However, lawyers pay attention: cryptocurrency is recognized as property, and in the absence of confirmation of the legality of its acquisition, the owner may lose judicial protection.
Buying and selling – through local intermediaries
Cryptocurrency purchase and sale transactions will remain allowed, but only through licensed intermediaries.
Foreign cryptocurrency platforms will be outside the legal framework if they do not establish registered structures in Russia. Banks will be prohibited from making payments to them.
At the same time, the purchase of cryptocurrency abroad from foreign accounts and the transfer of assets abroad through Russian intermediaries will be allowed.
Regulator introduces list of cryptocurrencies
Both qualified and unqualified investors will have access to transactions after the testing.
For unqualified investors, a limit of no more than 300 thousand rubles ($3.5 thousand – $3.7 thousand) per year through one intermediary is introduced. They will be able to buy only the most liquid cryptocurrencies from the regulator’s list.
Qualified investors will not have any restrictions on amounts.
The list includes high capitalization and significant trading volume. Bitcoin and Ethereum, in particular, meet these requirements.
Licensed exchanges and trading platforms will be able to conduct operations with cryptocurrencies. Exchanges, brokers and management companies will be able to operate on the market. At the moment, several Russian organizations have the relevant licenses.
According to the source, experts expect that only a limited number of foreign platforms will be able to adapt to the new requirements. A transition period is planned for the transfer of citizens’ assets into the regulated infrastructure.
Exchange to roubles – with client identification
The law provides for the creation of legal crypto exchanges included in a special register and complying with the requirements of the regulator.
For unqualified investors, the limit of 300,000 rubles per year will remain.
When withdrawing funds in rubles through licensed services, full client identification will be required. Transactions over Br100 thousand ($1.2 thousand-1.3 thousand) will be transferred to financial monitoring.
Cryptocurrency will be treated as property, subject to income tax.
At the same time, transactions with cryptocurrency are not subject to VAT.
“Crypto” will not replace the ruble
According to RBC, the use of cryptocurrency as a means of payment within the country will still be prohibited. The only legal tender remains the ruble. An exception is possible only for foreign economic contracts.
At the same time, Russia does not introduce a direct ban on the possession of cryptocurrency, but significantly limits the ways of its legal circulation within the country.
