Russia Edges Closer to Comprehensive Crypto Rules

Russia's State Duma will review a crypto regulation bill on July 21, creating rules for investors and international crypto transactions.

The second and third readings of the bill on regulating cryptocurrencies are scheduled to be held on July 21 in the State Duma. According to Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, legislators are in favor of the bill before the vote.

The proposed legislation aims to establish a legal framework for cryptocurrency trading and ownership, as well as facilitate the use of digital assets in authorized international transactions. It also sets out various rules for retail investors and professional investors, striking a balance between investor protection and access to digital assets.

Retail investors would be allowed to purchase up to RUB 300,000 (about $3,800) per year via a single intermediary, while qualified investors could purchase up to RUB 3 million worth of cryptocurrencies each year. Additionally, the bill limits retail investors' access to certain cryptocurrencies, only allowing highly liquid digital assets like Bitcoin and Ethereum.