Russian president approves legislation effectively banning crypto payments.
President Vladimir Putin of Russia has signed into law a bill banning payments with digital financial assets. The legislation obliges exchange operators to refuse to process transactions facilitating the use of DFAs, a legal category currently covering cryptocurrencies, as “monetary surrogates.
Russia is yet to comprehensively regulate cryptocurrencies, but the law “On Digital Financial Assets,” which went into force in January 2021, introduced the two legal terms. Russian officials have in the past indicated that DFA encompasses cryptocurrencies while UDR applies to various tokens. This fall, Russian lawmakers will review a new bill “On Digital Currency” designed to fill the regulatory gaps.
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