Russian State Duma Passes Key Crypto Bill, Setting Sept. 1 Launch if Putin Signs
Summary
- Russia’s State Duma passed a key cryptocurrency bill that would take effect on Sept. 1 if President Vladimir Putin signs it.
- The bill sets different cryptocurrency transaction limits for retail and qualified investors, with retail investors capped at 300,000 rubles in annual purchases and 100,000 rubles in overseas transfers.
- If enacted, the bill would establish a legal framework for cryptocurrency activity, including investor protection rules and cross-border transaction regulations, and the market is watching its impact on the scope of digital-asset use in mining, payments, exchange operations and cross-border settlements.
Forecast Trend Report by Period
Russia’s lower house of parliament, the State Duma, has passed a key cryptocurrency bill.
Cointelegraph reported on X on July 21 that the measure cleared the State Duma and is slated to take effect on Sept. 1 if President Vladimir Putin signs it.
The bill sets different cryptocurrency transaction limits for retail and qualified investors. Retail investors would be capped at 300,000 rubles, or about $3,800, in annual crypto purchases through a single broker. Overseas transfers would be limited to 100,000 rubles.
For qualified investors, the bill sets a purchase limit of 3 million rubles and an overseas transfer limit of 1 million rubles.
If enacted, the bill would establish a legal framework for cryptocurrency activity, including investor protection rules and cross-border transaction regulations. Its main provisions would take effect on Sept. 1.
The market is watching how Russia’s crypto legislation could affect the use of digital assets in mining, payments, exchange operations and cross-border settlements.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.