The law regulating the cryptocurrency market in Russia may come into effect on September 1, announced Vladimir Chistyukhin, the first deputy chairman of the Central Bank, at the Financial Congress of the Bank of Russia. This was reported by RBC.
After this date, market participants will have time to prepare: companies will need to gather documents to be included in the registry, obtain new licenses, and restructure their internal processes.
The transitional period is expected to last until July 1, 2027. From that date, administrative and criminal liability for illegal cryptocurrency transactions will come into effect, Chistyukhin noted.
He added that if the law and related regulations are adopted on schedule, market participants will be able to start applying for licenses and restructuring their processes. The first operations under the new regime are anticipated by the end of this year or the beginning of next year.
Previously, it was expected that the main framework for the bill "On Digital Currency and Digital Rights" would be prepared by July 1, with the rules set to take effect from that date.
The chairman of the State Duma's Financial Market Committee, Anatoly Aksakov, explained the delay was due to prolonged coordination with various agencies.
"We simply did not manage to finalize it technically; the document is conceptually ready, but it needed to be coordinated with different agencies, and all the legal formulations, because there are many changes to various legislative acts. The coordination procedures just took longer than expected," he emphasized.
However, Aksakov is confident that the bill will definitely be adopted by September.
Recall that in June, it became known that Rosfinmonitoring was preparing changes to the regulation of digital currency circulation. The new rules will require cryptocurrency market participants to conduct full client identification and disclose information about beneficiaries and beneficial owners.