by Olivier Acuna, Activist Post:
Russian lawmakers plan crypto regulations by midyear, permitting trading for qualified and retail investors while banning anonymous coins and domestic payments.
What to know:
- Russia plans to introduce a comprehensive crypto market regulatory framework by July 1, 2027.
- Both qualified and unqualified investors will be allowed to buy cryptocurrencies under different rules, with qualified investors facing mandatory risk testing but no limits on most purchases.
- The central bank is expected to approve a shortlist of major cryptocurrencies such as bitcoin and ether for broad trading, ban privacy coins like monero and zcash, and impose penalties comparable to illegal banking for unlawful crypto activities.
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The head of Russia’s lower house of the country’s parliament on Thursday said crypto market regulations will be ready by June of this year and come into force on July 1, 2027.
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, said that qualified and unqualified investors will be allowed to purchase cryptocurrencies although under separate rules, according to the Duma’s official news outlet.
A cap will be in place on retail investors’ crypto purchases with the figure of 300,000 rubles ($4,000) being discussed, he added.
Qualified investors will also be required to undergo mandatory testing to ensure they understand the risks of cryptocurrency transactions, but they will be able to purchase any crypto assets in unlimited quantities, with the exception of anonymous ones.
Aksakov also said the crypto market framework will include penalties for illegal activities of intermediaries in the cryptocurrency that are similar to sanctions for illegal banking activities.
Russia’s central bank laid out a proposed framework in December that would legalize and regulate cryptocurrency trading for both individuals and institutions, continuing its softening stance toward cryptocurrencies. However, it continues to caution that investing in crypto carries risks, including potential losses. The central bank also said digital currencies and stablecoins are recognized as monetary assets, but they cannot be used for domestic payments.
