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Russia’s State Duma will conduct the second and third readings of the cryptocurrency regulatory bill on July 21

MeNews
ME News, July 20 (UTC+8): The Russian State Duma will hold a second reading and third reading of the bill on regulating the cryptocurrency market on July 21. Anatoly Aksakov, chair of the State Duma’s Financial Markets Committee, said the bill aims to create legal conditions for the operation of cryptocurrencies within Russia while cracking down on illegal activities in the cryptocurrency sector. He said: “On the one hand, we create legal space to combat the illicit use of cryptocurrencies within the country; on the other hand, we provide a compliant path for entities that use cryptocurrencies to carry out international business.” Previously, the Bank of Russia proposed a concept for regulating the cryptocurrency market, allowing non-qualified investors to buy crypto assets. The regulator will still treat cryptocurrencies as high-risk financial instruments. Non-qualified investors will be able to purchase cryptocurrencies with higher liquidity; specific standards will be determined by law, and they must pass a special test before buying. The annual limit for purchases via a single intermediary is 300k rubles (about $3,800). (Source: Foresight News)
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