A draft law being considered by Russian lawmakers is meant to regulate the cryptocurrency crowdfunding industry (ICOs). It proposes to set a maximum annual limit of $9,000 for ordinary citizens wishing to participate in any crypto and blockchain related crowdfunding efforts. This bill is one of three pieces of legislation aimed at regulating the cryptocurrency industry in Russia.
The Russian Duma held its first reading of the the proposed bills back in May of this year. In the first reading of the proposed legislation on regulating the cryptocurrency crowdfunding industry, the bill did not contain any limits for individuals participating in ICOs. It only recommended that such limits should be determined by the Central Bank of the Russian Federation (CBR).