PANews reported on February 25th that, according to foreign media reports, the "Digital Currency and Digital Rights" bill, jointly drafted by the Central Bank of Russia and the Ministry of Finance, is scheduled to take effect in July . The bill will only allow eight licensed domestic securities and commodity exchanges to organize cryptocurrency trading. Off-exchange "crypto exchanges" will need to be registered in an official register and meet minimum capital and equity requirements. The bill requires the regulation of exchange institutions with monthly transaction volumes exceeding approximately 3.5 million rubles and introduces the concept of "address identification codes." Transaction data will be shared with the central bank, tax authorities, and law enforcement agencies. For individual investors, only crypto assets listed on regulated Russian platforms will be allowed to trade, and they must pass an annual validity test. The proposed annual purchase limit is 300,000 rubles (the specific amount is subject to adjustment). Investors who illegally use overseas platforms not registered in Russia may face fines in the future.