Russia: Bill on digital financial assets and digital currency introduced in the State Duma

On 20 March 2022, the Bill on digital financial assets and digital currency was introduced in the State Duma. The bill aims to regulate the circulation of digital financial assets and digital currencies in Russia and introduces a registration requirement for firms active in this area. The Bill would require any entity involved in the issuing, accounting and transmission of digital financial assets will have to register and receive approval from the Bank of Russia before engaging in profit-making activities.