The head of the lower house of the Russian parliament said on Thursday that crypto market regulations will be ready by June this year and will come into force on July 1, 2027.
Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, said that both qualified and non-qualified investors will be allowed to buy cryptocurrencies, but under separate rules, according to the official State Duma media outlet.
A cap will be put in place for retail investors’ cryptocurrency purchases, with the figure of 300,000 rubles ($4,000) being discussed, he added.
Qualified investors will also have to undergo mandatory testing to ensure they understand the risks of cryptocurrency transactions, but they will be able to purchase any crypto asset in unlimited quantities, with the exception of anonymous assets.
Aksakov also said that the crypto market framework will include sanctions for illegal activities of intermediaries in cryptocurrency, similar to sanctions for illegal banking activities.
Russia’s central bank presented a proposed framework in December that would legalize and regulate cryptocurrency trading for individuals and institutions, continuing its easing towards cryptocurrencies. However, he continues to warn that investing in crypto carries risks, including potential losses. The central bank also said that digital currencies and stablecoins are recognized as monetary assets, but they cannot be used for domestic payments.
Aksakov said that cryptocurrency miners will be allowed to “legalize as much as possible. We plan to establish administrative, financial and, most likely, criminal liability for illegal activities in this market in separate legislation.”
The parliamentary media outlet included comments from a lawyer saying the central bank would be responsible for compiling a list of the top five to ten cryptocurrencies permitted for trading. “They will definitely include BTC and ETH. They might also add SOL or TON, given their popularity in our country. The rest is for qualified investors,” the expert said.
“The Central Bank explicitly states: you cannot buy coins that hide their recipients”, such as “monero”. zcash and go for it. After all, if you cannot build a transaction graph and see where the money is coming from, such an asset will not pass AML (anti-money laundering) checks. »
