Russia imposes stricter oversight on digital asset trading

Russia's central bank has implemented new regulations aimed at enhancing oversight of foreign exchange transactions involving digital rights. 

Effective January 11, these regulations require that all foreign trade contracts utilising digital rights must be registered with authorised banks. 

Digital rights encompass cryptocurrencies, tokenised securities, and digital tokens, which are defined as electronic records representing claims tied to assets or services.

The new rules stipulate that import contracts exceeding 3 million rubles and export contracts over 10 million rubles must adhere to this registration requirement. 

“Foreign trade contracts, including those providing for settlements using digital rights, must be registered with authorized banks,” stated the Bank of Russia.

This measure is designed to balance regulatory oversight with operational efficiency for businesses engaging in international trade using digital assets.

Additionally, the central bank has detailed the documentation residents must provide when registering these contracts. 

This includes transaction data related to the transfer or receipt of digital rights as payment under foreign trade agreements.

By establishing these requirements, the Bank of Russia aims to integrate digital rights into the traditional financial system while mitigating associated risks.