What the law covers
->Apa yang diliputi oleh undang-undang
or "Skop undang-undang" but let's keep it simple: "Apa yang diliputi undang-undang" but we need to be natural. Maybe "Perkara yang diliputi undang-undang" but let's use "Skop undang-undang" is fine. Actually, the heading is "What the law covers" so we can translate as "Apa yang diliputi undang-undang" but that's a bit literal. Better: "Skop undang-undang" or "Perkara yang dilindungi undang-undang". I'll use "Skop undang-undang" for brevity. Then paragraph:The legislation creates a formal structure for crypto exchanges operating in Russia, defining licensing requirements, operational standards, and investor protections. Custodians — firms that hold digital assets on behalf of clients — will also face new rules covering asset segregation, reporting, and capital reserves. For investors, the law introduces clearer rights and obligations, though the exact thresholds for accredited versus retail investors haven't been detailed in the public text.
Translation:Perundangan ini mewujudkan struktur formal untuk bursa kripto yang beroperasi di Rusia, mentakrifkan keperluan pelesenan, piawaian operasi, dan perlindungan pelabur. Kustodian — firma yang memegang aset digital bagi pihak pelanggan — juga akan menghadapi peraturan baharu yang merangkumi pengasingan aset, pelaporan, dan rizab modal. Bagi pelabur, undang-undang ini memperkenalkan hak dan kewajipan yang lebih jelas, walaupun ambang tepat untuk pelabur bertauliah berbanding pelabur runcit belum diperincikan dalam teks awam.
Next:This isn't Russia's first foray into crypto regulation. The country has had a patchwork of laws since 2020, including a ban on using crypto for payments. That ban remains in place. The new law focuses on the trading and custody side, not on making bitcoin legal tender.
Translation:Ini bukan percubaan pertama Rusia dalam peraturan kripto. Negara itu telah mempunyai pelbagai undang-undang sejak 2020, termasuk larangan menggunakan kripto untuk pembayaran. Larangan itu masih kekal. Undang-undang baharu ini memberi tumpuan kepada aspek perdagangan dan kustodian, bukan untuk menjadikan bitcoin sebagai mata wang sah.
Next:September 2026 start date
->Tarikh mula September 2026
or "Tarikh berkuat kuasa September 2026" but let's keep it as "Tarikh mula September 2026" but actually it's the effective date. I'll use "Tarikh berkuat kuasa September 2026" but the heading is "September 2026 start date" so maybe "Tarikh mula September 2026" is fine. Let's use "Tarikh mula September 2026". Then paragraph:The law's effective date — September 2026 — is just over a month away. That's a tight window for exchanges and custodians to adjust their operations, especially given the current geopolitical climate and the sanctions landscape. Western sanctions have already pushed some Russian crypto activity onto peer-to-peer platforms and foreign exchanges. The new rules could pull some of that volume back into a regulated domestic market — or drive it further underground, depending on how strict the requirements turn out to be.
Translation:Tarikh berkuat kuasa undang-undang — September 2026 — hanya lebih sebulan lagi. Itu adalah tempoh yang singkat untuk bursa dan kustodian menyesuaikan operasi mereka, terutamanya memandangkan iklim geopolitik semasa dan landskap sekatan. Sekatan Barat telah mendorong sebahagian aktiviti kripto Rusia ke platform peer-to-peer dan bursa asing. Peraturan baharu ini mungkin menarik sebahagian daripada jumlah itu kembali ke pasaran domestik yang dikawal selia — atau mendorongnya lebih jauh ke bawah tanah, bergantung pada betapa ketatnya keperluan tersebut.
Next:Regulators haven't yet published detailed implementation guidelines, which adds uncertainty. Market participants are waiting for clarity on licensing fees, reporting frequency, and whether foreign-owned exchanges can apply for a license.
Translation:Pengawal selia belum lagi menerbitkan garis panduan pelaksanaan terperinci, yang menambah ketidakpastian. Peserta pasaran menunggu kejelasan mengenai yuran pelesenan, kekerapan pelaporan, dan sama ada bursa milik asing boleh memohon lesen.
Next:Russia's crypto regulatory landscape
->Landskap peraturan kripto Rusia
or "Landskap kawal selia kripto Rusia" but let's use "Landskap peraturan kripto Rusia" for consistency. Then paragraph:Russia has been debating crypto regulation for years. The central bank has historically taken a hard line, pushing for a near-total ban. The finance ministry has favored a more permissive approach with oversight. This law represents a compromise: it allows trading and custody under state supervision, but keeps the ban on using crypto for payments. The result is a system where you can buy, sell, and hold digital assets — but you can't use them to buy a coffee or pay a bill.
Translation:Rusia telah membahaskan peraturan kripto selama bertahun-tahun. Bank pusat secara historis mengambil pendirian tegas, mendorong larangan hampir menyeluruh. Kementerian kewangan lebih menyukai pendekatan yang lebih permisif dengan pengawasan. Undang-undang ini mewakili kompromi: ia membenarkan perdagangan dan kustodian di bawah pengawasan negara, tetapi mengekalkan larangan menggunakan kripto untuk pembayaran. Hasilnya ialah sistem di mana anda boleh membeli, menjual, dan memegang aset digital — tetapi anda tidak boleh menggunakannya untuk membeli kopi atau membayar bil.
Next:The law also requires exchanges to report suspicious transactions to the financial intelligence unit, aligning Russia with global anti-money-laundering standards. That's a nod to the Financial Action Task Force, which has pushed Russia to tighten its crypto oversight.
Translation:Undang-undang juga mewajibkan bursa melaporkan transaksi mencurigakan kepada unit perisikan kewangan, sejajar dengan piawaian global anti-pengubahan wang haram. Ini adalah pengiktirafan kepada Financial Action Task Force, yang telah mendesak
