Russia’s lower house gives final approval to crypto regulation bill

Russia’s lower house, the State Duma, has given final approval to a bill regulating the cryptocurrency market, Cointelegraph reported. The bill would cap annual cryptocurrency purchases by retail investors at 300,000 rubles ($3,800) through a single intermediary and set a 100,000-ruble limit on overseas transfers. For qualified investors, the cryptocurrency purchase limit would rise to 3 million rubles, while the overseas transfer cap would increase to 1 million rubles. Once the bill takes effect, it would establish a legal framework for crypto activity in Russia, including investor rules and the operation of cross-border transactions. Key provisions are set to take effect on Sept. 1.