Woofun AI reports that the Financial Market Committee of Russia’s State Duma has finalized a draft bill establishing comprehensive state control over digital assets, a legislative move now advancing toward its second plenary reading. The core of this policy shift involves formally recognizing cryptocurrency as legal property, a status change intended to provide clarity for tax and legal frameworks, while simultaneously preparing the text for eventual signature by President Vladimir Putin.

Structurally, the legislation aims to integrate digital assets into the broader economy by permitting companies engaged in foreign economic activities to utilize cryptocurrencies for international payments. This provision is widely interpreted as a strategic response to sanctions-related trade barriers, offering a mechanism to bypass Western sanctions and maintain financial connectivity despite geopolitical isolation.

Notably, the bill introduces stringent penalties for operating crypto services without a license, signaling a decisive push toward tighter regulatory oversight. This enforcement mechanism ensures that only authorized entities can facilitate transactions, thereby centralizing control within the state-approved framework and eliminating unregulated market participants.

A more critical variable is the imposition of strict limits on individual investors, who face an annual investment cap of 300,000 rubles (approximately $4,000). This restriction applies exclusively to major assets including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), effectively barring retail access to smaller altcoins and concentrating liquidity in state-monitored instruments.

Per Woofun AI, the regulatory framework further restricts withdrawals from non-custodial wallets to 100,000 rubles (about $1,300), a measure designed to curb anonymous transactions and enhance financial monitoring. Following the second plenary reading, the bill proceeds to a third reading and review by the Federation Council, with the target implementation date postponed from July 1 to September 1 to allow for thorough deliberation.

This dual approach of formal recognition combined with tight state control reflects a pragmatic strategy to harness blockchain technology for trade resilience without ceding regulatory dominance. As the legislation moves forward, its final form will be closely monitored by market participants, regulators, and geopolitical analysts assessing its impact on cross-border payments and global financial dynamics.