TechFlow News, April 22: According to bits.media, Russia’s State Duma approved the draft law “On Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation” at its first reading, with 327 votes in favor, 5 against, and 8 abstentions. The bill stipulates that cryptocurrency transactions must be conducted exclusively through licensed intermediaries or exchanges. Ordinary investors may purchase only those cryptocurrencies included on a list designated by the Central Bank of Russia, and only after passing a qualifying test; their annual purchase limit is set at 300,000 rubles. Professional investors, after passing the same test, may purchase any cryptocurrency without restriction.
Banks are prohibited from transferring funds to domestic or foreign cryptocurrency platforms that lack approval from the Central Bank. Russian residents must report their foreign cryptocurrency assets and wallet information to the tax authorities. Furthermore, using cryptocurrencies for payments within Russia will incur administrative fines, while illegally organizing cryptocurrency circulation may carry a maximum prison sentence of seven years. The bill has previously drawn criticism from the banking sector and two State Duma committees, and regulatory treatment of non-custodial wallets remains contentious.
