Russia is moving closer to integrating cryptocurrencies into its mainstream financial system as lawmakers prepare new legislation aimed at easing strict controls.
According to TASS, Anatoly Aksakov, head of the State Duma Committee on Financial Markets, revealed that a bill has already been prepared aimed at removing digital currencies from the special financial rules.
The idea is to make digital currencies more common and practical in everyday life in Russia. This plan is expected to be one of the key discussion points in the State Duma’s spring session, where the lawmakers will discuss the development of digital financial assets and crypto markets.
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, explained that the bill has already been drafted for the exclusion of digital currencies from special financial regulation.
People are waiting to see discussions of the bill during the spring session of parliament, naming digital financial assets and crypto development among the priority topics for discussion.
The current plan would permit non-qualified investors to purchase digital assets, but with limitations. The cap being proposed to limit potential losses among regular investors is 300,000 rubles. Professional financial market participants would have no such constraints applied to them.
Crypto Transaction Caps Planned to Reduce Systemic Risks
Russian lawmakers see a role for digital currencies beyond just domestic use. Aksakov said digital assets could help with cross-border payments, including creating tokens in Russia and selling them on foreign markets. This fits with the wider efforts to find new ways to settle deals as global financial conditions change.
This framework is being helped along by the Bank of Russia. In December, the regulator proposed allowing non-qualified investors to buy and sell crypto after passing a risk-awareness test, while keeping a ban on anonymous or privacy-focused digital assets.
The regulator says different rules will apply to qualified and non-qualified investors to keep a closer watch where needed. Finance Minister Anton Siluanov has since confirmed that the Finance Ministry and the central bank coordinate.
He said both institutions support limited access to crypto for ordinary investors, provided that the sizes of transactions and investment amounts are capped to reduce systemic risks. Specific limits remain to be worked out.
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