Russia's State Duma committee has approved a revised cryptocurrency bill for its second reading, confirming crypto use in international trade while banning it for domestic payments. The adjustment removes the requirement for users to declare wallet addresses and introduces new rules for crypto investments and transfer controls.
Details of the Revised Bill
The bill, formally known as "On Digital Currency and Digital Rights," passed its first reading in April with 327 of 340 votes in favor. Per the Financial Markets Committee chairman Anatoly Aksakov, the revision protects crypto owners by eliminating the wallet address reporting, reducing exposure of sensitive data. Users would report only wallet balances and transaction volumes.
New provisions allow investors to buy Russian securities and Digital Financial Assets with cryptocurrencies. also licensed brokers and asset managers may gain access to approved foreign crypto exchanges under certain conditions. Retail investment limits remain capped at 300,000 rubles annually. Authorities would have the power to delay significant outbound crypto transfers for up to two days.
The bill maintains that crypto payments are banned domestically but permitted for cross-border transactions, providing Russian companies with alternatives to sanctioned banking channels. It still requires two more State Duma readings, Federation Council approval, and presidential assent before becoming law.
Meanwhile, Bitcoin is showing strength by holding above a critical support level for the third consecutive week, signaling bullish sentiment. This development coincides with legislative progress in Russia regarding crypto regulations.
This article is for informational purposes and does not constitute financial advice.
