Russia Advances Sweeping Crypto Regulation Bill, Legalizes Cross-Border Payments and Tightens Market Controls
Russia's State Duma has passed the first reading of a bill to regulate digital currencies, enabling cross-border payments while restricting domestic transactions.Summary
The Russian State Duma has approved a major legislative bill, "On Digital Currency and Digital Rights," in its first reading. The proposal seeks to establish a formal regulatory framework for cryptocurrencies, classifying them as property for legal purposes while explicitly banning their use for domestic payments.
Key provisions include the authorization of cross-border crypto payments to help firms circumvent sanctions, the implementation of a licensing system for exchanges and brokers under Bank of Russia supervision, and the introduction of a tiered system to limit retail investor risk. While the bill establishes stricter oversight for digital asset custody and mining, some committees have requested further refinements regarding non-custodial wallet regulations before the final readings.
(Source：Bitcoin Magazine)