Odaily Planet Daily reported that the Russian central bank has introduced regulations to manage foreign exchange transactions involving digital rights. According to Russian law, digital rights include electronic records such as cryptocurrencies, tokenized securities, and digital tokens. These rights represent claims or obligations related to assets or services. The new regulation will come into effect on January 11th, outlining the obligations of residents engaged in such transactions, with the aim of clearly defining and strengthening the supervision of digital assets used for trade and payment purposes. A key requirement outlined in this regulation is that foreign trade contracts involving digital rights settlement must be registered with authorized banks. The document states: "Foreign trade contracts, including contracts settled using digital rights, 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 Russian Central Bank also explained that the regulation stipulates the documents and information that residents should provide to banks, including transaction data related to the transfer or receipt of digital rights as a means of payment under foreign trade contracts, as well as data on other foreign exchange transactions related to digital rights By defining these requirements, the Russian central bank aims to integrate digital rights into the broader financial system while reducing the risks associated with using digital rights.
