Russia's State Duma to Review Crypto Market Regulation Bill on July 21

Russia's State Duma will hold second and third readings of a bill regulating the cryptocurrency market on July 21. According to Foresight News, State Duma Financial Market Committee Chairman Anatoly Aksakov said the bill is meant to create legal conditions for cryptocurrency operations in Russia while curbing illegal activity in the sector. Aksakov said the law would create a legal framework to combat the unlawful use of cryptocurrencies inside the country and provide a compliant path for entities using crypto for international business. Russia's central bank previously proposed a regulatory concept that would allow non-qualified investors to buy crypto assets, while still treating cryptocurrencies as high-risk financial instruments. Under the proposal, non-qualified investors would be allowed to buy highly liquid cryptocurrencies, with specific standards to be set by law. Buyers would need to pass a special test before purchasing, and the annual cap for purchases through a single intermediary would be 300,000 rubles.