Russian parliament's lower house passes crypto bill in first reading

The lower house of the Russian parliament has approved a bill titled 'On Digital Currency and Digital Rights' in its first reading, a move aimed at establishing a legal framework for cryptocurrency, Cryptopolitan reported. According to the bill, Russia's central bank would be designated as the key institution overseeing the crypto market, granting it broad powers to issue licenses, approve or prohibit transactions, and determine legality. The legislation also includes provisions to regulate the activities of crypto-related institutions, including exchanges, brokers, banks, and custody providers.