Russia: Passed Bill regulating digital financial assets

On 6 July 2022, the State Duma (lower house of the Russian parliament) passed Bill No.138674-8 regulating the circulation of digital financial assets (DFA) and utilitarian digital rights (DPR) as a means of payment in Russia. The bill prohibits the use of digital financial assets to pay for goods or services and requires exchange administrators to refuse transactions involving the use of cryptocurrency as a monetary substitute. Furthermore, the bill also requires financial, investment, or information systems that issue digital financial assets through an electronic platform to register with the central bank as participants in the national payments system. Hence, all significant DFA participation, including emission, circulation, exchange, and trade, would require registration.