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<p>Russia has taken another step toward easing restrictions on cryptocurrency payments. The Financial Markets Committee of the State Duma has approved the updated draft law “On Digital Currency and Digital Rights” for its second reading. If passed, the regulation would legalize the exchange of certain cryptocurrencies for others and permit crypto asset payments in specific situations.</p>
<h2 id="broader-scope-for-crypto-payments">Broader scope for crypto payments</h2>
<p>The latest version of the bill would allow investors to use digital assets for the purchase of securities outside of public offerings. In addition, it lays a legal foundation for swapping between different cryptocurrencies and for using crypto to pay transfer fees on various blockchain networks.</p>
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 <p>The Russian Federation will permit the use of digital currencies and digital rights as means of payment for securities, other digital currencies, or digital rights.</p>
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<p>The Russian ruble, including the digital ruble, remains the country’s only official payment instrument. However, the bill previously granted exceptions for crypto mining rewards and sanctioned international trade activities, and the latest amendments have further broadened the scope of these exemptions.</p>
<h2 id="criteria-for-market-entry-remain-in-place">Criteria for market entry remain in place</h2>
<p>Basic requirements for listing cryptocurrencies on regulated Russian markets remain unchanged. A digital asset must have had an average market value exceeding 5 trillion rubles over the past two years, a daily average trading volume above 1 trillion rubles, and at least five years of trading history on a licensed foreign platform.</p>
<p>Currently, only leading assets like <a href="https://en.coin-turk.com/key-levels-in-bitcoin-trading-activity/" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://en.coin-turk.com/ethereum-co-founder-sparks-interest-with-major-crypto-move/" rel="noopener noreferrer nofollow">Ethereum</a> meet these thresholds. Nonetheless, the updated text gives the Board of Directors of the Bank of Russia the authority to approve cryptocurrencies that do not fulfill all three criteria.</p>
<p>The bill’s definition of digital currency may mean that major stablecoins such as <a href="https://en.coin-turk.com/tethers-usdt-reaches-new-heights-with-over-500-million-users/" rel="noopener noreferrer nofollow">Tether</a>’s USDT and Circle’s USDC will not qualify as digital currencies. The language specifies that a digital currency should not have a mandatory issuer.</p>
<h2 id="expanded-access-for-qualified-investors">Expanded access for qualified investors</h2>
<p>Under the new framework, trading platform operators will be able to offer nearly any cryptocurrency to professional investors without prior approval from the central bank. Restrictions remain for retail, or non-qualified, investors, who can purchase only highly liquid crypto assets pre-approved by the monetary authority.</p>
<p>Previously, this group was limited to annual purchases of up to 300,000 rubles in cryptocurrency and could do so through only a single intermediary. Nonetheless, the new regulation somewhat widens access, as under the current structure only highly qualified investors in Russia can acquire digital assets in practice.</p>
<h2 id="licensing-for-intermediaries-and-exchanges">Licensing for intermediaries and exchanges</h2>
<p>The draft law introduces a licensing regime for service providers such as exchanges, brokerages, custodians, and depositories. Furthermore, intermediaries and portfolio managers will be able to conduct transactions with foreign exchanges to link the Russian crypto market to global platforms.</p>
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 <p>Financial Markets Committee Chair Anatoly Aksakov announced that the committee had approved the bill.</p>
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<p>Initially, draft law number 1194918 8 was slated to take effect on July 1. However, proposed amendments delayed the process, pushing the implementation date back to September 1. The regulation now awaits approval by the Federation Council and the signature of Russian President Vladimir Putin to become law.</p>
<p>The post <a href="https://en.coin-turk.com/russia-advanced-crypto-regulation-bill-to-allow-limited-digital-asset-payments-and-swaps/" rel="noopener noreferrer nofollow">Russia advanced crypto regulation bill to allow limited digital asset payments and swaps</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Russia advanced crypto regulation bill to allow limited digital asset payments and swaps

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