The Central Bank of Russia has revealed plans to implement cryptocurrency market regulations starting September 1, as stated by Vladimir Chistyukhin, the bank's first deputy chairman, during the Financial Congress. Market participants will be given time to prepare their documentation and restructure their operations to comply with the new laws.
A transitional period is set to last until July 1, 2027, at which point penalties for illegal cryptocurrency transactions will be enforced. Chistyukhin noted that if the legislative process proceeds as expected, companies can start applying for necessary licenses and adjusting their internal processes, with initial operations under the new framework anticipated by late this year or early next year.
Originally, the draft legislation "On Digital Currency and Digital Rights" was expected to be finalized by July 1, but delays arose due to extended discussions among various government agencies. Anatoly Aksakov, chairman of the State Duma's Financial Market Committee, mentioned that the document is conceptually ready but required thorough coordination, leading to the postponement.
