Russia Passes Crypto Market Law, Sets $3,800 Annual Cap for Retail Investors

According to ME News, on July 21 (UTC+8), the Russian State Duma passed legislation establishing the country’s first comprehensive regulatory framework for cryptocurrencies, with most new rules taking effect on September 1. The law creates a legal framework for cryptocurrency exchanges, custodians, and other digital asset providers, while also defining who may purchase cryptocurrencies and under what conditions. The law stipulates that only organizations listed in a dedicated registry may operate as cryptocurrency exchanges, but companies may continue operating without registration until July 1, 2027. If banks suspect unauthorized entities are operating cryptocurrency exchanges, they must refuse transfers. The legislation also ensures judicial protection for holders of digital currencies, regardless of whether these assets were previously declared. Retail investors may purchase the most liquid cryptocurrencies through licensed intermediaries, with an annual trading limit of approximately $3,800 per intermediary. Qualified investors may purchase any cryptocurrency without restrictions. (Source: Foresight News)