The president of Russia, Vladimir Putin approved a law that makes cryptocurrency payments not legal in the country. According to the statement, the Ruble is the only accepted monetary unit in Russia.
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The new law defines that digital assets and rights aren’t accepted as monetary surrogates any longer and therefore can't be accepted as a means for payments. At the same time, other monetary units are also disallowed.
According to local news sites, exchange operators and businesses will be liable for any violation to comply with the law. The document says that law operators are considered subjects of the national payment system and must limit some kinds of transactions including offering leverage and yield products to their customers.
Now, financial assets may be acquired by the Russian government in a direct way without the involvement of the exchange.
Also, securities backing digital assets may be legally terminated without notice to asset holders. Crypto operators and platforms should be registered with Russia’s Central Bank, which regulates them and takes measures against violations.