Russian State Duma Scheduled for Final Cryptocurrency Legislation Vote on Tuesday
The State Duma of Russia will review a cryptocurrency regulatory framework in its final legislative stages on Tuesday, featuring provisions for investor limitations and international payment transactions.
The State Duma, Russia's legislative body, is gearing up to conduct the concluding legislative reviews on proposed legislation aimed at establishing regulatory oversight of the cryptocurrency sector.
Draft legislation numbered 1194918-8, bearing the title "On Digital Currency and Digital Rights," is scheduled for its second and third readings this Tuesday, confirmed Anatoly Aksakov, who chairs the State Duma Committee on Financial Markets, in statements reported by RBC.
The proposed legislation would impose restrictions on non-qualified investors, setting an annual ceiling of 300,000 rubles ($3,800) for cryptocurrency acquisitions through any single intermediary, while also establishing a 100,000 ruble cap on international transfers. Meanwhile, qualified investors would be subject to more generous thresholds of 3 million rubles for cryptocurrency purchases and 1 million rubles for overseas transfers, respectively.
Should the measure receive approval, it would put in place a comprehensive legal structure governing cryptocurrency operations within Russia, encompassing guidelines for both investors and international commerce transactions.
The core provisions of the bill are anticipated to become effective on Sept. 1 upon passage. According to Aksakov, the legislation would establish the necessary legal conditions to facilitate cryptocurrency utilization throughout Russia. He further noted that the regulatory framework would enable corporations engaged in the supply of goods to Russia to leverage crypto assets "without excessive legislative and legal restrictions."