Russia’s State Duma is set to consider the crypto regulation bill in second and third readings, with rules for investors and cross-border payments included.
Russia’s parliament, the State Duma, is preparing to hold final readings on a bill to regulate the cryptocurrency market.
The draft bill No. 1194918-8, titled “On Digital Currency and Digital Rights,” will undergo second and third readings on Tuesday, according to Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, as reported by RBC.
The bill would introduce limits for non-qualified investors, including a 300,000 ruble ($3,800) annual limit on crypto purchases through a single intermediary and a 100,000 ruble limit for transfers abroad. Qualified investors would face higher limits of 3 million rubles for purchases and 1 million rubles for transfers abroad, respectively.
If approved, the legislation would establish a legal framework for crypto activity in Russia, including rules for investors and cross-border trade operations.
The main provisions are expected to take effect on Sept. 1 if the bill is passed. Aksakov said the bill would create legal conditions for cryptocurrency use in Russia. He added that the legislation would allow companies involved in supplying goods to Russia to use crypto assets “without excessive legislative and legal restrictions.”
Related: Russia’s largest private bank, Alfa-Bank, tests crypto trading
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