Russian State Duma passes law legalizing cryptocurrencies in Russia

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Russian lawmakers have passed a law legalizing cryptocurrencies within the country. Digital currencies are now recognized as property and will be introduced into the legal market. Regulation and oversight in this area will be overseen by the Central Bank of Russia (CBR).

Russian citizens will be able to invest in cryptocurrencies on domestic exchanges and use brokerage services. Digital depositories will be responsible for accounting and storing assets, with the CBR maintaining a registry of these entities.

Both qualified and unqualified investors will be able to purchase digital currencies after passing a special test. For unqualified investors, the annual limit for purchasing the most liquid cryptocurrencies through each intermediary will be capped at 300,000 rubles (approximately $3,700).