Russia's State Duma votes Tuesday on crypto regulation with investor purchase and transfer caps, plus cross-border payment rules taking effect Sept. 1
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Russia's State Duma will hold second and third readings of the crypto regulation bill on Tuesday, with investor limits and cross-border payment rules central to the text.
The draft bill No. 1194918-8, titled "On Digital Currency and Digital Rights," is set for final readings Tuesday, Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, said, as reported by RBC.
Non-qualified investors would face a 300,000 ruble ($3,800) annual cap on crypto purchases through a single intermediary and a 100,000 ruble limit on transfers abroad. Qualified investors would get higher caps: 3 million rubles for purchases and 1 million rubles for transfers.
The legislation would establish a legal framework for crypto activity in Russia, covering both investor rules and cross-border trade. If passed, main provisions go into effect Sept. 1.
Aksakov said the bill would create legal conditions for cryptocurrency use and allow companies supplying goods to Russia to use crypto assets "without excessive legislative and legal restrictions."
Related: Russia's largest private bank, Alfa-Bank, has been testing crypto trading.
For broader crypto market analysis, including regulatory developments, see AlphaScala's coverage.
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