The Russian State Duma will consider a bill aimed at creating a comprehensive legal framework for cryptocurrency activities in the country for its second and third readings on July 21.
According to TASS, the bill aims to strengthen the fight against illegal transactions and fraud while defining the legal conditions for the use of cryptocurrencies in Russia. The regulation will also create a legal framework for the use of cryptocurrencies in international trade and cross-border transactions.
Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, announced at a press conference held at the Rossiya Segodnya Center that the bill would go through the second and third readings.
Aksakov said the regulation would create the necessary legal conditions for cryptocurrencies to operate in Russia, saying: “On the one hand, we are creating a legal framework to combat the illegal use of cryptocurrencies in the country. On the other hand, we are providing legal opportunities for those who use cryptocurrencies in international relations.”
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The bill would allow non-qualified investors to purchase cryptocurrencies under certain conditions. As a result, individual investors could purchase the most liquid crypto assets, as determined by legislation, after passing a special qualification test.
Non-qualified investors will be able to purchase cryptocurrencies for up to 300,000 rubles (around $3,800) per year through each brokerage firm. Liquidity and eligibility criteria for eligible crypto assets should be determined separately under relevant legislation.
In December, the Russian Central Bank introduced a regulatory framework that would allow both qualified and unqualified investors to access crypto assets. However, the bank continues to classify cryptocurrencies as high-risk financial instruments.
If the bill is approved in second and third readings, Russia will have moved to a more comprehensive regulatory system for the cryptocurrency market, covering topics such as investor access, combating illegal activities and use in international transactions.
*This does not constitute investment advice.