Russia’s State Duma is scheduled to take the second and third readings on a cryptocurrency regulation bill on Tuesday, advancing legislation that would set investor limits and formalize rules for certain crypto-related activity, including cross-border operations.
The draft, bill No. 1194918-8, is titled “On Digital Currency and Digital Rights.” If approved, its main provisions are expected to come into force on Sept. 1.
Bill heads to final votes
The legislation is now due for its final parliamentary readings in the State Duma. According to the draft described in the source report, the bill is intended to regulate the cryptocurrency market in Russia and establish a legal framework for digital-currency activity.
The proposed rules would cover both investor access and the use of crypto assets in cross-border trade operations. The measure is also described as creating legal conditions for cryptocurrency use inside Russia.
Investor limits in the draft
A central part of the bill is a set of transaction limits based on investor classification. For non-qualified investors, the draft would impose a 300,000-ruble annual cap on crypto purchases made through a single intermediary. It would also set a 100,000-ruble limit for transfers abroad.
For qualified investors, the thresholds would be significantly higher. The bill would allow up to 3 million rubles in purchases and up to 1 million rubles in transfers abroad.
The source report listed the non-qualified annual purchase cap at about $3,800.
Cross-border use
Beyond investor restrictions, the bill would set rules for cross-border crypto payments and trade-related operations. If passed, it would establish a legal basis for companies involved in supplying goods to Russia to use crypto assets.
The source article said the draft is intended to let such companies use cryptocurrency without what it described as excessive legislative and legal restrictions.
Timing and effect
Tuesday’s second and third readings would mark the final stage in the Duma’s consideration of the bill as presented in the report. If lawmakers approve it, the legislation is expected to begin taking effect from Sept. 1.
The proposed law would not simply address retail crypto investing. As outlined in the report, it would also define broader conditions for how digital assets may be used in Russia and in transactions linked to foreign trade.
The planned readings indicate that Russian lawmakers are moving the proposal toward completion, while key details in the current draft remain focused on investor limits, transfer ceilings, and legal rules for cross-border crypto use.
Source: cointelegraph.com