Russia, which has been working on cryptocurrencies for a long time but has not yet reached a conclusion, has taken action again.
Accordingly, Russia is preparing to legislate its long-pending cryptocurrency regulatory framework in July.
With the passage of this bill, major cryptocurrencies like Bitcoin are expected to become more involved in the regulatory mainstream.
According to DL News, Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee, said that the cryptocurrency regulation bill is expected to be voted on by the end of June.
If the bill is approved, it is expected to come into effect on July 1, 2027.
The bill focuses on exchanges, investor limits, and stablecoins.
At this point, the bill will tighten restrictions on individual investors as well as regulate cryptocurrency exchanges.
Aksakov stated that individual investors will be required to pass an eligibility test to trade cryptocurrencies, and the annual purchase limit will be set at 300,000 rubles (approximately $3,800).
Aksokov also stated that the draft bill would allow the Russian Central Bank to directly determine the list of cryptocurrencies that individual investors can purchase. The report noted that cryptocurrencies not included in this list are expected to be restricted, allowing only qualified investors to trade them.
*This is not investment advice.
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