Russia's Parliament Prepares Final Readings on Cryptocurrency Regulation Bill

Russia's parliament is set to consider a bill regulating the cryptocurrency market on Tuesday. The State Duma will hold second and third readings of draft bill No. 1194918-8, titled 'On Digital Currency and Digital Rights.'

The bill would introduce limits for non-qualified investors, including a limit of 300,000 rubles ($3,800) annually for purchases through a single intermediary and 100,000 rubles for transfers abroad.

Qualified investors would face higher limits of 3 million rubles for purchases and 1 million rubles for transfers abroad. If approved, the legislation would establish a legal framework for crypto activity in Russia, including rules for investors and cross-border trade operations.

Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, stated that the bill would create 'legal conditions for cryptocurrency use in Russia.'