Putin signs crypto bill

Russia has kicked off a regulated digital currency market while keeping a ban on domestic payments Russian President Vladimir Putin has signed a landmark law legalizing cryptocurrency trading, which will be regulated as part of the country’s financial system.The Law on Digital Currencies and Digital Rights, signed and published on Tuesday, formalizes an already booming market. According to blockchain analytics firm Chainalysis, Russia ranks as Europe’s largest crypto market by transaction volume according to the latest available data, while the Finance Ministry estimates domestic crypto trading totals around 50 billion rubles (roughly $650 million) per day.The legislation is part of the government’s broader effort to bring crypto activity out of the shadow economy while facilitating cross-border trade after Ukraine-related sanctions severely restricted Russia’s access to the West’s dollar- and euro-based financial system.Here are the practical implications of the legislation.What has changed under the new law?Until now, Russians could legally own cryptocurrencies, but trading largely took place on foreign platforms or through services operating outside Russia’s regulatory framework...