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

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PANews July 21 news: According to Bits.media, Anatoly Aksakov, Chairman of the Financial Markets Committee of Russia’s State Duma, said that the crypto market regulatory bill will undergo its second and third readings on July 21. Aksakov said the bill will “crack down on the illegal use of cryptocurrencies,” while also providing a lawful framework for international settlements. Under the bill, non-professional investors who buy cryptocurrencies must pass a special test; the annual limit is 300,000 rubles; purchases are restricted to trades via licensed institutions only; and investors may buy only the most liquid crypto assets. The bill was originally scheduled to take effect on July 1, but was postponed to September 1. The Financial Markets Committee of the Duma previously rejected multiple proposals to loosen amendments, including raising the purchase limit for non-professional investors and allowing the use of non-custodial wallets. If the bill is approved on the 21st, it will still require approval from the Federation Council and the President’s signature.
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