Crypto
Home›Crypto›Regulation›Russia’s State Duma to hold final readings on crypto r…
Russia’s State Duma to hold final readings on crypto regulation bill
The draft would limit non-qualified investors to 300,000 rubles per year for purchases via one intermediary and cap transfers abroad at 100,000 rubles, with higher ceilings for qualified investors.
Russia’s lower house of parliament, the State Duma, is scheduled to hold second and third readings of a proposed law to regulate the cryptocurrency market, according to Cointelegraph. The bill, titled “On Digital Currency and Digital Rights,” is set to move forward after being drafted under bill number 1194918-8, with Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, cited as saying the vote would take place Tuesday. Under the proposal, non-qualified investors would face a 300,000 ruble ($3,800) annual limit on crypto purchases through a single intermediary, and a 100,000 ruble cap on transfers abroad. Qualified investors would be subject to higher limits, including 3 million rubles for purchases and 1 million rubles for cross-border transfers. If the legislation is approved, key provisions are expected to take effect on Sept. 1, establishing a legal framework for crypto activity in Russia, including rules for investors and cross-border trade operations. Aksakov also said the law would create legal conditions for crypto use and allow companies supplying goods to Russia to use crypto assets with fewer “excessive” restrictions.