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Russia’s State Duma is poised to conduct final readings on the “On Digital Currency and Digital Rights” bill, a significant piece of legislation that seeks to regulate the country’s cryptocurrency sector. Scheduled for July 21, the bill focuses on licensing exchanges and brokers under the oversight of the Bank of Russia. It classifies cryptocurrency as property and permits crypto use for cross-border settlements while maintaining restrictions on domestic payments. The legislation introduces purchase caps and risk-awareness tests for non-qualified retail investors, allowing them to engage only with highly liquid assets such as Bitcoin (BTC), Ethereum (ETH), and USDT. Market participants appear to interpret these measures as limiting long-term BTC demand, suggesting a potential impact on future price predictions.
Key Takeaways
Russia’s crypto bill appears to limit long-term Bitcoin demand by focusing on licensed turnover and restricting domestic crypto use.
The bill introduces regulatory measures such as purchase caps and risk tests for retail investors, suggesting a controlled market environment.
