Russia's proposed bill will open the cryptocurrency market to non-qualified traders

On January 14, Russian State Duma Financial Market Committee Chairman Anatoly Aksakov stated that a draft bill has been prepared to remove barriers for non-qualified investors trading cryptocurrencies. The new bill will be reviewed during the spring parliamentary session. The channels for non-qualified traders to access the crypto market in Russia will be restricted. According to the expected framework, individuals who do not meet Russia’s qualified investor standards will be allowed to purchase cryptocurrencies worth no more than 300,000 rubles (approximately $3,800), while professional market participants will be exempt from such restrictions. In addition to domestic trading, the legislation is expected to promote the international use of cryptocurrencies in Russia, including cross-border settlements and overseas issuance of tokens issued by Russia.