Russian Duma Committee Recommends Rejecting Amendment to Ease Crypto Restrictions, Retail Annual Purchase Limit Stays at 300,000 Rubles

Odaily Odaily reports that the Financial Market Committee of the Russian State Duma has recommended rejecting amendments aimed at easing restrictions on cryptocurrency transactions. As the bill approaches its crucial second reading, the committee opposes raising the annual limit for retail purchases of cryptocurrencies through a single intermediary from 300,000 rubles to 600,000 rubles. It also rejected proposals to expand the list of tradable cryptocurrencies, with the government version only including a few coins like Bitcoin and Ethereum. Other unapproved amendments include provisions allowing the use of non-custodial wallets, canceling the mandatory consent requirement from digital depositories for transactions, and requiring depositories to insure against risks such as hacking. The final version of the bill retains the authority for depositories to inspect and freeze transactions. Originally scheduled for approval before July 1st, the bill has now been postponed to September 1st, with the Chairman of the Duma Financial Committee stating that related penalty provisions will not be approved before September.