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The State Duma Committee recommends rejecting the amendment to loosen crypto restrictions; the annual purchase limit for retail investors remains at 300k rubles.

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ME News, July 17 (UTC+8), the Russian State Duma’s Financial Market Committee recommended rejecting an amendment aimed at easing cryptocurrency trading restrictions. The bill is about to enter a critical second reading. The committee opposes raising the annual limit on retail investors buying cryptocurrencies through a single intermediary from 300k rubles to 600k rubles, and also rejected the proposal to expand the list of cryptocurrencies that can be traded. The government’s version is limited to only a few coins such as Bitcoin and Ethereum. The unapproved amendments also include provisions to allow the use of non-custodial wallets, remove the mandatory consent requirement for digital depositories for transactions, and require depository institutions to carry insurance for risks such as hacker attacks. The final version of the bill keeps the depository institutions’ power to inspect and freeze transactions. The bill was originally planned to be passed by July 1, but has now been postponed to September 1. The chair of the Duma’s Financial Market Committee said that relevant penalty provisions will not be approved before September. (Source: ODAILY)
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