Key facts
- Russia has passed a new law to regulate cryptocurrency exchanges.
- Under the new law, crypto exchanges must obtain licenses to operate.
- The legislation mandates that licensed exchanges adhere to specific operational standards.
- The existing ban on using cryptocurrencies for payments in Russia remains in effect.
Russia has enacted new legislation aimed at regulating cryptocurrency exchanges within its borders. The law mandates that these exchanges must obtain licenses to operate and comply with a set of defined operational standards. Despite these regulatory steps for exchanges, the country has maintained its existing prohibition on the use of cryptocurrencies for making payments. This means that while trading and exchange activities will be subject to new rules, citizens will not be able to use digital assets for everyday transactions like purchasing coffee.