Russia's State Duma passes cryptocurrency restriction bill, with an annual purchase limit of 300k rubles for ordinary investors

Deep Tide TechFlow News, April 22, according to bits.media, the Russian State Duma approved the “Digital Currency and Digital Rights” bill in the first reading with 327 votes in favor, 5 against, and 8 abstentions.
The bill stipulates that cryptocurrency transactions must be conducted through licensed intermediaries or exchanges.
Ordinary investors need to pass a test before purchasing digital currencies on the government-approved list, with an annual purchase limit of 300k rubles;
Professional investors can purchase any cryptocurrency without restrictions after passing the test.

Banks are prohibited from transferring funds to overseas or domestic crypto platforms without approval from the Central Bank.
Russian residents must report offshore crypto assets and wallet information to tax authorities.
Additionally, using cryptocurrencies for payments domestically will face administrative fines, and illegal organizations involved in digital currency circulation could be sentenced to up to 7 years in prison.
The bill has previously faced criticism from the banking sector and two Duma committees, and the regulation of non-custodial wallets remains controversial.