Russia Unveils Plan for Regulating Cryptocurrency Activities

Russia has taken a significant step towards clarifying its stance on cryptocurrency activities with the introduction of three bills in the State Duma.

The legislation aims to bring clarity to the gray legal zone surrounding local cryptocurrency activities and establish Russia's own infrastructure for digital currency circulation.

Bills propose capping non-qualified investors at $3,730 in yearly buys and making tax reporting on crypto transactions mandatory. Illegal use will be punishable with fines and up to a 2-year ban.