Russian State Duma to Hold Final Readings on Digital Asset Regulation Bill

Russia’s parliament is set to hold final readings on a bill to regulate the digital-asset market.

Cointelegraph reported on July 20 that Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, said the second and third readings of the bill "On Digital Currency and Digital Rights" (Bill No. 1194918-8) would be held on July 21.

The bill sets separate limits for general and qualified investors on virtual-asset transactions. General investors would be limited to 300,000 rubles, or about $3,800, in annual virtual-asset purchases through a single intermediary, while overseas transfers would be capped at 100,000 rubles. Qualified investors would face a 3 million-ruble purchase limit and a 1 million-ruble cap on overseas transfers.

Aksakov said the bill would create a legal foundation for the use of virtual assets in Russia and allow companies supplying goods to Russia to use such assets without excessive regulatory burdens.

If passed, the bill would establish a legal framework for virtual-asset activity, including investor-protection rules and cross-border transaction regulations. Its main provisions are due to take effect on Sept. 1.