Specifics of foreign exchange control over digital rights operations
20 November 2024
News
Foreign trade contracts, including those providing for settlements using digital rights, must be registered with authorised banks, according to the Bank of Russia ordinance.
The thresholds for the registration of these contracts remained unchanged, i.e. over ₽3 million and ₽10 million for import and export contracts, respectively.
The ordinance specifies documents and information residents are supposed to provide to banks. These documents and information include data on transactions to transfer or receive digital rights as a means of payment under foreign trade contracts and on other foreign exchange operations related to digital rights.
The ordinance will take effect from 11 January 2025.
Preview photo: Sippapas somboonkarn / Shutterstock / Fotodom