Russia Regulates Digital Rights, Advances Other Crypto-Related Bills

After much deliberation in the past months and years, Moscow has recently taken important steps toward regulating the crypto space. These are part of the efforts to open the way for the development of the Russian digital economy. The country, heavily dependent on energy exports and hurt by Western sanctions, needs alternative sources of revenue and cannot afford to turn a blind eye to bitcoin for too long.

Also read: German Bank Predicts BTC at $90,000 After Next Halving

Law ‘On Digital Rights’ Enters Into Force in Russia

Three bills concerning the future of cryptocurrencies and the regulation of related activities are now at different stages of adoption in the Russian Federation. On Oct. 1, the law “On Digital Rights” entered into force. It establishes the basic legal definition of rights in the digital realm and determines their status under the country’s civil rights law. “Digital right” in this context is a new legal term, the scope of which…