PANews reported on March 31 that, according to Bits.media, the Russian government has approved a package of cryptocurrency regulations. These regulations include an annual limit of 300,000 rubles (approximately $3,300) for non-accredited investors to purchase cryptocurrencies through a single broker, limited to highly liquid digital assets on the central bank's list, and subject to a testing process. Accredited investors will still need to undergo testing, but there will be no monetary limit. Transactions through regulated intermediaries are permitted, but transactions without intermediaries are prohibited. Russian citizens can purchase cryptocurrencies abroad, but must use overseas accounts for payments and report such transactions to the tax authorities. Administrative penalties will primarily target violating exchange institutions rather than individual investors. The relevant bills will be submitted to the State Duma for review in the coming days.