Russia Implements Regulations For Digital Rights In Foreign Exchange Transactions

According to BlockBeats, on January 12, the Central Bank of Russia introduced regulations to manage foreign exchange transactions involving digital rights. Under Russian law, digital rights encompass cryptocurrencies, tokenized securities, and digital tokens, representing claims or obligations related to assets or services. The new decree, effective January 11, outlines the obligations for residents engaging in such transactions, aiming to clarify and enhance oversight of digital assets used for trade and payment purposes. A key requirement outlined in the regulation is that foreign trade contracts involving digital rights settlements must be registered with authorized banks. The document states, "Foreign trade contracts, including those using digital rights settlements, must be registered with authorized banks. The registration threshold for these contracts remains unchanged: import contracts exceeding 3 million rubles and export contracts exceeding 10 million rubles." In addition to registration, the Central Bank of Russia explained, "The regulation specifies the documents and information residents must provide to banks, including transaction data for transferring or receiving digital rights as a means of payment under foreign trade contracts, and data on other foreign exchange operations related to digital rights." By defining these requirements, the Central Bank of Russia aims to integrate digital rights into the broader financial system while mitigating the risks associated with their use.