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Russia Legalizes Cryptocurrency Use Under Central Bank Oversight
Commercial Services · Financial Publishing/Services · yonhap_finance · 2026-08-04
President Vladimir Putin has signed legislation legalizing cryptocurrency in Russia, granting the Central Bank authority to regulate and oversee the market.
What Happened
Legal Recognition: Russian President Vladimir Putin has signed a new law that establishes a legal framework for the use of cryptocurrency within the country. The legislation officially classifies digital currencies as property and sets specific conditions for their circulation and trade.
Regulatory Oversight: Under the new mandate, the Central Bank of Russia will assume full authority to license, regulate, and supervise cryptocurrency platforms. This move is intended to provide Russian citizens with a secure and regulated environment for investing and trading digital assets.
Legislative Goals: The State Duma's Financial Market Committee stated that the primary objective is to create a transparent legal environment that protects legitimate participants. By formalizing the market, the government aims to curb illicit transactions and provide better protections for investors.
Strategic Context: Analysts suggest this move may be a response to the severe economic sanctions imposed on Russia since the 2022 invasion of Ukraine. With traditional financial channels restricted, the state is increasingly looking toward digital assets to facilitate trade and bypass international financial isolation.
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