Russia Delays New Cryptocurrency Regulations

Russia will not meet its planned July 1 deadline for introducing new cryptocurrency regulations. The country's Ministry of Finance confirmed that work on the legislation is in its final stages but requires more time. The upcoming law is expected to legalize cryptocurrency investments while introducing strict restrictions on crypto advertising.

According to Alexey Yakovlev of the Russian Ministry of Finance, the draft legislation is nearly complete. It is expected to be reviewed by a State Duma committee in the coming weeks before moving to its second reading. Lawmakers are still aiming to approve the bill around July 1.

Before the legislation can take effect, it must pass a third reading, receive approval from the Federation Council, and be signed into law by President Vladimir Putin.

The new framework is designed to regulate cryptocurrency investing, trading, and purchasing. Russia's central bank also plans to open the market to retail investors.

Under the proposed rules, Russian citizens will be allowed to buy cryptocurrencies through licensed companies. However, annual investment limits will remain below $4,000 per person. Investors will have access to major digital assets, including Bitcoin and Ethereum, as well as stablecoins such as USDT and USDC.

The draft law also proposes banning cryptocurrency transactions conducted outside licensed exchanges and brokers. The restrictions would extend to transfers involving private crypto wallets.

In addition, Russia plans to introduce a nationwide ban on cryptocurrency advertising. Advertisements will not be allowed to mention specific digital assets, including Bitcoin. Crypto-related companies will still be permitted to state that they operate in the cryptocurrency sector, but they will not be allowed to promote individual assets or investment services.