Russian lawmakers plan to take a crypto-market regulation bill through second and third readings on July 21, State Duma financial market committee chair Anatoly Aksakov said, according to RBC. He said
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Russian lawmakers will take a crypto market regulation bill through second and third readings on July 21, State Duma financial market committee chair Anatoly Aksakov said, according to RBC. The draft is aimed at creating legal conditions for cryptocurrency activity in Russia, he said.
Aksakov said the framework would let people invest in crypto and use it in export-import operations. It would also set restrictions for ordinary market participants. RBC reported planned limits of 300,000 rubles through one intermediary per year for non-qualified investors and 100,000 rubles for transfers abroad. Qualified investors would face higher limits of 3 million rubles and 1 million rubles, respectively.
Foreign-trade participants would face almost no operational restrictions, Aksakov said. If adopted, the bill’s main provisions would take effect September 1.
A separate draft law would reduce the mandatory notification threshold to Rosfinmonitoring from 100,000 to 60,000 rubles for digital asset depositories and exchanges, according to the text. The lower threshold would tighten oversight on crypto transactions flowing through regulated platforms.
Sberbank plans to launch a crypto wallet and a digital depository before December, subject to the new legislation passing, the bank has said. Alfa-Bank has begun testing crypto trading with qualified investors through its Alfa-Investments app. The Bank of Russia is also pushing systemically important banks and major retailers to implement the digital ruble by September.
On the sanctions front, European Commission President Ursula von der Leyen said June 9 that the EU’s 21st sanctions package would expand pressure on Russia’s evasion networks. Russia has separately prepared fees of up to 3% per transaction on dollarized stablecoins like USDT and USDC, classifying them as unfriendly assets.
Aksakov’s July 21 timeline gives the Duma less than two weeks to finalize the bill. The September 1 effective date leaves August for implementation rulemaking.
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