Putin signs crypto market structure bill into law in Russia

https://www.cnn.com/2023/06/24/world/gallery/vladimir-putin/index.html President Vladimir Putin has signed a significant crypto market structure bill into law in Russia, indicating a major shift in the country’s approach to cryptocurrency regulation. The new law, which focuses on the circulation of cryptocurrencies and digital rights, will see the Bank of Russia oversee exchanges, brokers, and custodians. While the law permits crypto through licensed intermediaries, it continues to ban domestic crypto payments, maintaining a cautious stance on the use of digital currencies within the country. The legislation also allows for crypto use in cross-border trade settlements, with the main rules set to take effect on September 1, 2026. Key Takeaways The signing of the crypto market structure bill suggests a move towards a state-supervised crypto regime in Russia. Market activity indicates that the passage of the bill could positively influence Bitcoin’s price, with some sub-markets showing slight increases in YES probabilities. The law’s focus on regulating intermediaries and banning domestic payments reflects a controlled but open stance towards digital currencies in Russia. What to Watc...