Is it permitted to own cryptocurrency?

Pursuant to Federal Law No. 259-FZ dated July 31, 2020, the ownership of digital currency (including cryptocurrency) is permitted and such currency is recognized as property. The law prohibits the use of cryptocurrency as a means of payment within the territory of the Russian Federation; however, it does not limit the right of ownership over such assets. Individuals and legal entities are legally entitled to acquire, hold, and dispose of cryptocurrency, including for investment purposes. It is essential to comply with applicable tax and accounting regulations, to report income derived from cryptocurrency transactions, and, where required, to provide documentary evidence of the origin of such assets.