Oversight of mining activities will be divided among various institutions, with the Bank of Russia holding primary authority.

The authorized body and the central bank will also have the right to impose a ban or restrictions on digital currency transactions to "preserve Russia's monetary stability."

The law also imposes a ban on advertising cryptocurrencies and offering them to an unlimited audience.

Under the new law, the central bank will also establish a experimental infrastructure for cryptocurrency payments, with details yet to be announced.

The new law will not lift an existing ban on cryptocurrency payments inside Russia.