Russia is taking steps to regulate its cryptocurrency market with the passage of a new bill.
The bill, which was passed in its first reading by the State Duma, aims to facilitate cross-border trade using cryptocurrencies.
Cryptocurrencies will be classified as property under the law, giving them the same legal status as other assets. This move is seen as a way to support international payments amid economic sanctions.
The bill also gives the Bank of Russia control over licensing exchanges and brokers, ensuring they meet certain standards before operating in the country.
One notable restriction is that non-qualified investors will be limited to investing up to around $3,900 in cryptocurrencies. This suggests a tightly regulated framework for crypto trading in Russia.