PANews, July 21 — According to Bits.media, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, stated that the cryptocurrency regulation bill will undergo its second and third readings on July 21. Aksakov said the bill aims to "combat the illicit use of cryptocurrencies" while creating a legal framework for international settlements. Under the bill, non-professional investors must pass a special test to purchase cryptocurrencies, are subject to an annual limit of 300,000 rubles, can only trade through licensed entities, and may only buy the most liquid crypto assets. Originally scheduled to take effect on July 1, the bill’s implementation was postponed to September 1. The Duma’s Financial Markets Committee has previously rejected several proposed amendments seeking to ease restrictions, including raising the purchase limit for non-professional investors and allowing the use of non-custodial wallets. If passed on July 21, the bill will still require approval by the Federation Council and the President’s signature.
The Russian State Duma will hold second and third readings of the cryptocurrency market regulation bill on July 21.
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