Key takeaways

• On October 10, 2017, Russian President Vladimir Putin acknowledged cryptocurrency’s potential to become a means of payment and to provide investment opportunities in Russia.
• President Putin instructed the Russian government and the Bank of Russia to adopt a legislative framework for cryptocurrency by July 2018.
• It is expected that the legislation will address, among other matters, the status and role of cryptocurrency in relation to the Russian ruble, the regulatory framework for blockchains, cryptocurrencies and other crypto tokens, smart contracts, ICOs and mining, and related taxation.