The Russian State Duma has enacted new legislation to regulate its cryptocurrency market. The law establishes a legal framework for digital currencies but prohibits using them for domestic payments for goods and services.
The Bank of Russia becomes the sole regulator. It will mandate licenses for exchanges, brokers, and custodians, which must operate under a whitelisted asset system. The law also introduces an annual cap on retail investments and requires a risk-awareness test for participants.
While creating a more structured environment, the ban on domestic payments and stringent controls may limit market enthusiasm. Early prediction market data suggests limited immediate impact on global Bitcoin price forecasts.