Russia's State Duma passed a major bill regulating the crypto market on Tuesday, establishing a transition period that extends until 2027. The legislation introduces a regulatory framework for digital asset transactions, though specific provisions have not yet been detailed.
What the bill does
The bill sets rules for a range of crypto activities, including trading, mining, and custody services. It aims to provide a clear legal status for digital assets and the businesses that handle them. The transition period gives market participants until 2027 to align with the new requirements.
Transition period details
The transition period is a central feature of the legislation. It allows existing crypto businesses to continue operating while they adapt to the new regulatory environment. The exact compliance deadlines and specific obligations will be outlined in subsequent regulations. The Duma's passage is the first step; the bill still needs to clear the Federation Council and receive the president's signature.
What comes next
With the Duma's approval, the bill moves to the upper house. If passed there, it goes to the president for final approval. The transition period clock starts ticking once the law is officially enacted. Market participants are watching closely for the release of the full text and any accompanying guidance from regulators.
