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

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Odaily Planet Daily: The Russian State Duma’s Financial Markets Committee has recommended rejecting an amendment aimed at easing restrictions on cryptocurrency trading. The bill is about to enter a critical second reading. The committee opposes raising the annual limit for retail users to purchase cryptocurrencies through a single intermediary from 300k rubles to 600k rubles, and also rejected a proposal to expand the list of cryptocurrencies that can be traded. The government’s version would only allow a small number of coins, such as Bitcoin and Ethereum. The unapproved amendments also include provisions to allow the use of non-custodial wallets, remove the requirement for digital depositories to provide mandatory consent for transactions, and require depository institutions to take out insurance for risks such as hacker attacks. The final version of the bill keeps the power of depository institutions 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 chairman of the Duma’s Financial Markets Committee said that relevant penalty provisions will not be approved before September.
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