Russia's State Duma to Hold Second and Third Readings of the Crypto Regulation Bill on July 21

ME News reports that on July 20 (UTC+8), the Russian State Duma will conduct the second and third readings of the bill on regulating the cryptocurrency market on July 21. Anatoly Aksakov, Chairman of the State Duma’s Financial Markets Committee, stated that the bill aims to establish legal conditions for cryptocurrency operations within Russia while combating illegal activities in the crypto sector. He said: “On one hand, we are creating a legal framework to combat the illicit use of cryptocurrencies domestically; on the other, we are providing compliant pathways for entities seeking to conduct international business using cryptocurrencies.” Previously, the Central Bank of Russia proposed a regulatory concept for cryptocurrencies that would allow non-accredited investors to purchase crypto assets. Regulators still classify cryptocurrencies as high-risk financial instruments. Non-accredited investors will be permitted to buy highly liquid cryptocurrencies, with specific criteria to be defined by law; they must pass a specialized test before purchasing, and annual purchase limits through a single intermediary will be capped at 300,000 rubles (approximately $3,800). (Source: Foresight News)