Key facts
- Russia's State Duma will conduct final readings of a cryptocurrency regulation bill on Tuesday.
- The bill, "On Digital Currency and Digital Rights," introduces annual limits on crypto purchases and international transfers for investors.
Russia's State Duma is scheduled to hold the second and third readings of a bill to regulate the cryptocurrency market on Tuesday. The legislation includes provisions for investor limits and cross-border payments.
The bill's passage would establish Russia's first comprehensive legal framework for cryptocurrency, potentially impacting investor access and cross-border transactions, and signaling the country's evolving stance on digital assets.
Russia's State Duma is scheduled to hold the second and third readings of a bill aimed at regulating the cryptocurrency market on Tuesday. The draft legislation, titled "On Digital Currency and Digital Rights," will establish a legal framework for crypto activities within the country, including rules for investors and cross-border payments.
According to Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, the bill introduces specific limits for different investor categories. Non-qualified investors will face an annual limit of 300,000 rubles for cryptocurrency purchases through a single intermediary and a 100,000 ruble limit for transfers abroad. Qualified investors will have higher allowances, with limits set at 3 million rubles for purchases and 1 million rubles for transfers abroad.
If approved, the new regulations are expected to take effect on September 1. Aksakov indicated that the legislation would create legal conditions for cryptocurrency use in Russia, enabling companies supplying goods to the country to utilize crypto assets with fewer legislative and legal restrictions.