Russia’s State Duma Committee on Financial Markets has recommended rejecting amendments that would have loosened restrictions on cryptocurrency trading ahead of the bill’s key second reading. The committee opposed raising the annual purchase cap for retail investors buying crypto through a single intermediary from 300,000 rubles to 600,000 rubles. It also rejected a proposal to broaden the list of tradable cryptocurrencies, with the government-backed version still limited to a small group of assets including Bitcoin and Ethereum. Other amendments that failed to win approval included allowing the use of non-custodial wallets, removing the mandatory consent requirement from digital depository institutions for transactions, and requiring those institutions to obtain insurance against risks such as hacking attacks. The latest version of the bill retains the power for depository institutions to review and freeze transactions. The bill had originally been scheduled for passage before July 1, but that timeline has now been pushed back to Sept. 1. The chair of the Duma financial committee said related penalty provisions will not be approved before September.
Odaily reported that Russia’s State Duma Committee on Financial Markets has recommended rejecting amendments designed to loosen restrictions on cryptocurrency trading.
The bill is approaching its key second reading. The committee opposed a proposal to raise the annual cap for retail investors buying cryptocurrency through a single intermediary from 300,000 rubles to 600,000 rubles. It also rejected an expansion of the list of cryptocurrencies that could be traded. Under the government’s version, trading remains limited to a small number of tokens, including Bitcoin and Ethereum.
Other amendments that did not receive approval included allowing the use of non-custodial wallets, removing the mandatory requirement for digital depository institutions to consent to transactions, and requiring those institutions to carry insurance against risks including hacking attacks.
The final version of the bill keeps the authority of depository institutions to inspect and freeze transactions. The legislation had originally been set for passage before July 1, but that schedule has been delayed to Sept. 1. The chair of the Duma financial committee said related penalty provisions will not be approved before September.
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