Russia’s State Duma Passes Cryptocurrency Restriction Bill, Capping Annual Purchases by Ordinary Investors at 300,000 Rubles

According to bits.media, Russia’s State Duma approved the government-submitted “Digital Currency and Digital Rights” bill at 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 must pass a test before purchasing cryptocurrencies included on a list designated by the Central Bank of Russia, with an annual purchase limit of 300,000 rubles; professional investors, after passing the test, may purchase any cryptocurrency without restriction. Banks are prohibited from transferring funds to domestic or foreign cryptocurrency platforms not authorized by the Central Bank. Russian residents must declare their foreign cryptocurrency assets and wallet information to the tax authorities. Furthermore, using cryptocurrencies for payments within Russia will incur administrative fines, while organizing illegal 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.