The law regulating the cryptocurrency market in Russia may come into effect on September 1, according to Vladimir Chistyukhin, First Deputy Chairman of the Central Bank, speaking at the Financial Congress of the Bank of Russia. This was reported by RBC.
Following this, market participants will be given time to prepare: companies will need to gather documents for registry inclusion, obtain new licenses, and restructure internal processes.
The transition period is expected to last until July 1, 2027. From this date, administrative and criminal liability for illegal cryptocurrency operations will be enforced, Chistyukhin noted.
He added that if the law and its regulations are adopted as scheduled, market participants can begin the licensing process and restructuring. The first operations under the new regime are expected by the end of this year or early next year, according to the central bank’s deputy chairman.
Earlier, it was anticipated that the main framework for the bill “On Digital Currency and Digital Rights” would be prepared by July 1, with the rules expected to take effect from the same date.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, explained the delay was due to prolonged coordination with various agencies.
“We simply didn’t manage it technically; the document is conceptually ready, but it needed to be coordinated with different agencies, all these legal formulations, because there are many changes to various legislative acts. And these coordination procedures just took time,” he emphasized.
Nevertheless, Aksakov is confident that the bill will be passed by September.
In June, it was reported that Rosfinmonitoring was preparing changes to the regulation of digital currency circulation. The new measures will require crypto market participants to conduct full client identification and disclose information about beneficiaries and beneficial owners.
