Russia's Crypto Regulation Bill Set for Decisive State Duma Votes on July 21

Russia's crypto regulation bill will reach a crucial stage on July 21 when the State Duma holds its second and third readings. The bill, which aims to establish regulations for cryptocurrency trade, investor access, and foreign dealings, has been recommended by the State Duma Financial Markets Committee.

According to Anatoly Aksakov, who chairs the committee, the bill will be adopted in both readings on July 21. The main provisions of the bill include retail limits, where non-qualified investors can buy up to 300,000 rubles (approximately $3,800) in crypto each year through one regulated intermediary.

The qualified investors would have increased ceilings under the draft bill, with a limit of purchasing no more than 3 million rubles worth of cryptocurrencies per year. Overseas transfers for non-qualified investors would be restricted to sending no more than 100,000 rubles abroad per year.

The Russian central bank will monitor licensed companies responsible for regulated transactions. The system aims to shift trading from unlicensed channels and allow companies to use digital assets in cross-border transactions under legal regulations.