Russia's State Duma Advances Crypto Bill with Investor Limits

Russia's State Duma is set to hold final readings on a cryptocurrency regulation bill on Tuesday, according to Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets. The draft bill No. 1194918-8, titled "On Digital Currency and Digital Rights," will undergo second and third readings to establish investor limits and cross-border trade rules. The legislation aims to create a legal framework for crypto activity in Russia, addressing regulatory gaps in the digital asset market.

Investment Limits Structure for Qualified and Non-Qualified Investors

The bill introduces tiered limits based on investor qualification status. Non-qualified investors would face a 300,000 ruble ($3,800) annual limit on crypto purchases through a single intermediary and a 100,000 ruble limit for transfers abroad. Qualified investors would operate under higher thresholds, with a 3 million ruble cap for purchases and a 1 million ruble limit for international transfers.

The legislation would establish rules for investors and cross-border trade operations if approved by parliament.

Effective Date and Implementation Timeline

The main provisions are scheduled to take effect on Sept. 1 if the bill passes final readings. Aksakov stated the legislation would create legal conditions for cryptocurrency use in Russia. He added that the bill would allow companies involved in supplying goods to Russia to use crypto assets "without excessive legislative and legal restrictions."

FAQ

What limits does Russia's crypto bill set for non-qualified investors? The bill establishes a 300,000 ruble ($3,800) annual limit on crypto purchases through a single intermediary and a 100,000 ruble limit for transfers abroad for non-qualified investors.

When would Russia's crypto regulation bill take effect? The main provisions are scheduled to take effect on Sept. 1 if the State Duma approves the bill in its final readings on Tuesday.