A bill facilitating the everyday use of cryptocurrency in the Russian Federation has been drafted already, revealed a high-ranking member of the parliament in Moscow.
According to the official, a key figure in efforts to regulate decentralized digital assets in Russia, the legislation is expected to boost the country’s crypto sector.
Crypto to become part of Russian life, lawmaker vows
A draft law designed to liberalize and simplify crypto operations has already been prepared, according to Anatoly Aksakov, chairman of the important Committee on Financial Markets at the State Duma, the lower house of Russia’s bicameral legislature.
The document will help make the use of the digital currency commonplace in the lives of Russian citizens, emphasized the lawmaker, who is overseeing efforts to legalize transactions with digital assets.
The main goal of the legislative initiative is to turn cryptocurrency into an accessible tool for most Russians while simultaneously integrating it into the nation’s economy, Aksakov clarified.
Quoted by the official TASS news agency and leading daily newspapers such as Rossiyskaya Gazeta and Vedomosti, he further unveiled:
“A bill has already been drafted that would exempt cryptocurrencies from special financial regulation, meaning they will become commonplace in our lives,” Aksakov said in comments for the Rossiya-24 TV channel.
He added that the reforms advancing in his chamber will provide what he described as a powerful impetus for the development of Russia’s crypto industry under domestic regulations.
Professional participants in the financial market will be able to work with cryptocurrencies without restrictions, while non-qualified investors will have access, too, albeit restricted, the deputy highlighted.
He went on to point out that under the upcoming rules, Russian residents will be able to actively use digital coins for international settlements and to raise foreign capital by placing such assets on the financial markets of other nations.
Russia moving closer to cryptocurrency legalization
Pressed by Western sanctions that restricted its access to traditional financial channels, last spring the country introduced a special legal regime permitting the use of digital currencies in cross-border payments.
The “experimental” solution also gave a narrow category of “highly qualified” investors the opportunity to put money into crypto assets. In May, the Central Bank of Russia (CBR) authorized financial firms to offer them crypto derivatives as well.
Under the new legislation, expected to be adopted by July 1, 2026, regular qualified investors and even ordinary citizens will be able to legally buy Bitcoin and the like, although crypto purchases for the latter will be limited to 300,000 rubles ($3,800) a year.
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Source: https://www.cryptopolitan.com/moscow-drafts-law-making-crypto-commonplace/
