Russia’s State Duma to Hold Final Readings on Crypto Regulation Bill

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

Russia is preparing to take another step toward regulating crypto activities. The second and third readings of a bill on the regulation of cryptocurrencies will be held on July 21 in the State Duma. The proposal, if approved, will establish a legal framework for the use of cryptocurrencies and enhance the regulatory environment nationwide.

Russia Moves Closer to Comprehensive Crypto Rules

RBC reports that legislators are in favor of the bill before the vote. The lawmakers are expected to approve the legislation during the session on July 21, Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, said. But more approvals will be needed before it can be enacted into law.

Russia’s State Duma to Hold Final Readings on Crypto Regulation Bill

According to TASS, Russia’s State Duma will consider a cryptocurrency regulation bill in its second and third readings on July 21. The proposal would establish a legal framework for crypto activity,… pic.twitter.com/XK4HmkJBmR

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The proposed legislation is intended to set clear guidelines for cryptocurrency trading and ownership. Furthermore, it would facilitate the use of digital assets in authorized international transactions. Meanwhile, the bill aims to bolster the fight against illegal cryptocurrency operations across Russia.

Related Reading: Alfa-Bank Crypto Plans Gain Russia’s Approval. 

Importantly, the law would enable Russian companies to settle cross-border transactions with cryptocurrencies. This could help businesses involved in importing goods into Russia. But cryptocurrencies would still not be legal tender in the country.

The bill also sets out various rules for retail investors and professional investors. So, policymakers are looking to strike a balance between investor protection and access to digital assets. The non-qualified investors would have to go through a risk assessment test before they can buy approved cryptocurrencies.

Under the plan, retail investors would be allowed to purchase up to RUB 300,000 (about $3,800) per year via a single intermediary. Besides, they would be limited to RUB 100,000 in transfers abroad per year. These limits are intended to reduce financial risks for less experienced investors.

New Investor Limits and Security Measures Take Shape

Qualified investors, on the other hand, would get much more generous limits under the proposed framework. They could purchase up to RUB 3 million worth of cryptocurrencies each year. Moreover, they would have the right to send out up to RUB 1 million per year.

Legislators are also mulling over limiting retail investors’ access to certain cryptocurrencies. This means that only highly liquid digital assets like Bitcoin and Ethereum can be accessed. This method is designed to minimize exposure to smaller and more volatile tokens.

There’s also a significant adjustment in the privacy protections. Earlier versions of the bill required users to disclose wallet addresses. But it was dropped from the final readings by lawmakers. Instead, users would report balances and transaction activity to authorities.

Also, a new 48-hour freeze for certain large transfers is required. This would be for transactions sent overseas or to third parties. As a result, it is thought to be able to lower fraud and other illegal activities with digital assets.

Assuming approval, most of the provisions of the bill are scheduled to go into effect on September 1. However, related bills with criminal penalties have been deferred to the fall session. That other bill might have prison terms of up to 7 years for those who organize illegal cryptocurrency circulation.

Overall, the bill on cryptocurrencies is one of the most important crypto-related projects in Russia. Therefore, the July 21 vote could mark an important moment for Russia’s cryptocurrency industry and its future role in international trade.