Russia’s parliament passes crypto market law with $3,800 annual cap for retail investors
While citizens still cannot use Bitcoin to buy groceries, the Kremlin is officially letting companies use digital tokens to bypass sanctions and other global trade hurdles.
AI Summary
Russia’s State Duma approved the country’s first comprehensive cryptocurrency law, which takes effect September 1. The law caps annual retail purchases at about $3,800 per licensed intermediary, requires exchanges to register, and maintains a ban on domestic crypto payments, but allows digital currencies to be used in foreign trade settlements to bypass sanctions.