"The three bills focus on defining cryptocurrency and digital financial assets, their uses as payment and investment tools, amending current laws to avoid conflicts, and defining liabilities for violating legal requirements for crypto usage."
"Transactions with cryptocurrencies without regulated intermediaries are prohibited. In the same way, cryptocurrency purchases abroad are permitted, and transactions of these digital assets abroad through regulated intermediaries are also considered."
"The bills establish a new limit of 300,000 rubles (nearly $3,730) per year for crypto purchases by non-qualified investors through a single intermediary after passing the Bank of Russia's testing."
"Residents will have to notify tax authorities of opening and closing crypto accounts, ensuring compliance with the new regulatory framework."
Russia's State Duma introduced three bills to regulate cryptocurrency transactions, allowing both qualified and non-qualified investors access to digital assets. Non-qualified investors are limited to annual purchases of 300,000 rubles, approximately $3,730. The legislation mandates tax reporting on cryptocurrency transactions and imposes penalties for illegal crypto use, including fines and potential bans. The bills aim to clarify the legal status of cryptocurrencies and establish a framework for their use as payment and investment tools, while prohibiting transactions without regulated intermediaries.
Read at news.bitcoin.com
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