The State Duma of Russia conducts the second and third readings of the cryptocurrency market regulation bill

According to Bits.media, Anatoly Aksakov, chairman of the Financial Market Committee of the State Duma of Russia, stated that the cryptocurrency market regulation bill will undergo its second and third readings. Aksakov mentioned that the bill will "combat the illegal use of cryptocurrencies" while providing a legal framework for international settlements.

According to the bill, non-professional investors must pass a special test to purchase cryptocurrencies, with an annual limit of 300,000 rubles, restricted to trading through licensed institutions, and can only buy the most liquid crypto assets. The bill was originally set to take effect on July 1 but has been postponed to September 1. The Duma's Financial Market Committee has previously rejected several amendments to ease restrictions, including increasing the purchase limit for non-professional investors and allowing the use of non-custodial wallets. If passed, the bill will also require approval from the Federation Council and the president's signature.