The Federal Law establishes a comprehensive legal framework governing relations arising from the organisation of the circulation of digital currencies and digital rights in the Russian Federation.
Specifically, the Federal Law defines the categories of persons authorised to organise the circulation of digital currencies and sets out the requirements applicable to such persons and their activities.
The Federal Law also vests the Bank of Russia with the authority to regulate the activities of digital currency circulation operators.
In particular, the Federal Law provides for the possibility of restricting money transfers and the acceptance of payments where the circulation of digital currencies is organised unlawfully, including where a lending institution or a branch of a foreign bank has reasonable grounds to suspect that the recipient of the funds is engaged in organising the circulation of digital currencies without the requisite authorisation.