Russia’s parliament passes its first crypto law, setting a retail annual crypto purchase cap of about $3,800

PANews July 21 news, citing CoinDesk, that the Russian State Duma has passed its first comprehensive regulatory law for crypto assets, which will take effect on September 1. The new law requires that only institutions listed in the “Special Registry” may operate crypto-asset trading platforms, and authorizes banks to refuse to transfer funds to unauthorized platforms. Retail investors can only buy the most liquid crypto assets through licensed intermediaries; the annual purchase cap per intermediary is about $3,800, while qualified investors are not subject to limits. The law provides judicial protection for unreported crypto asset holders and brings under regulation services including mining, issuance and circulation, and brokers, asset managers, and trading platforms. Russia still prohibits using crypto for payment for goods and services within the country, but allows limited use in foreign trade settlement, transactions involving mining proceeds, and some settlement related to digital assets.