Russia’s parliament to hold final readings on crypto bill TuesdayRussia’s State Duma is set to consider the crypto regulation bill in second and third readings, with rules for investors and cross-border payments included.

Russia’s State Duma is scheduled to hold the second and third readings of a cryptocurrency regulation bill, draft No. 1194918-8, on Tuesday, according to Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets. The bill, titled “On Digital Currency and Digital Rights,” aims to establish a formal legal framework for cryptocurrency activities within the country.

The proposed legislation includes specific limits on crypto purchases and transfers for different types of investors. Non-qualified investors would be restricted to annual crypto purchases totaling no more than 300,000 rubles (approximately $3,800) through a single intermediary, with an additional limit of 100,000 rubles on transfers abroad. Qualified investors would face higher thresholds, allowing for up to 3 million rubles in crypto purchases and 1 million rubles in transfers abroad.

If the bill is approved, its main provisions are expected to take effect on September 1. Aksakov explained that the legislation is designed to create legal conditions that facilitate cryptocurrency use in Russia, including for companies supplying goods to the country. By providing clearer regulations, the bill seeks to remove excessive legislative barriers currently faced by entities using crypto assets in cross-border transactions.

This development matters because it represents a significant step toward formalizing and regulating crypto activities in Russia, providing clarity for investors and businesses involved in the cryptocurrency market. The inclusion of specific investor limits and rules for cross-border payments could influence how crypto assets are utilized in the Russian economy.