Crypto goes international in Russia as new law takes effect from Sept 1

MOSCOW, Aug 22 — Russians will be able to transfer cryptocurrency abroad to their own wallets or foreign merchant accounts to pay for goods and services from Sept 1, the Central Bank of Russia (CBR) said, reported Sputnik/RIA Novosti.

In early August, Russian President Vladimir Putin signed a law establishing a legal framework for cryptocurrency circulation in Russia.

The law recognises digital currencies as property, sets general requirements for their circulation and provides judicial protection for cryptocurrency rights, regardless of whether they were previously declared.

“Qualified and non-qualified investors will be able to acquire cryptocurrencies and stablecoins in compliance with established requirements, as well as transfer such assets abroad, both to their own wallets opened abroad and to non-residents to pay for goods and services purchased from non-residents,” the CBR explained.

The law also allows foreign trade participants to make payments in cryptocurrencies and stablecoins under foreign trade agreements, the regulator said.

Such transactions will be subject to standard currency control mechanisms and procedures under anti-money laundering legislation.

“Detailed requirements will be set out in the Bank of Russia’s regulatory act on the procedure for residents and non-residents to submit supporting documents to authorised banks when conducting foreign exchange transactions,” the CBR said.

The draft regulation has already undergone a regulatory impact assessment, it added. — Bernama-Sputnik/Ria Novosti