Russia Prepares Legislation to Normalize Cryptocurrency Use

According to Odaily, Anatoly Aksakov, Chairman of the Financial Markets Committee of the Russian State Duma, announced that a bill aimed at removing cryptocurrencies from the 'special financial regulation' framework is ready. This legislation could make cryptocurrency a common aspect of life for Russian residents. In an interview with Russian national television, Aksakov stated that the State Duma will focus on issues related to digital financial assets and cryptocurrencies during the upcoming spring session. The proposed bill intends to stop treating cryptocurrencies as special regulatory objects, thereby normalizing their use. Aksakov also mentioned that the bill allows non-professional investors to participate in the cryptocurrency market, with a cap set at 300,000 rubles for individual digital currency purchases. Professional financial market participants will not face such restrictions. Additionally, cryptocurrencies could be used for international settlements and, once issued in Russia, could further enter financial markets in other countries.