MOSCOW (Reuters) - Russia's draft law on regulating cryptocurrencies envisages limits on investments in initial coin offerings (ICOs), RIA news agency cited the head of the Russian regional banking association, Anatoly Aksakov, as saying on Thursday.

Russian authorities had initially said all cryptocurrencies, such as bitcoins, were illegal. Later they decided to regulate the cryptocurrency market, promising to set out how this regulation will work by the end of the year.

(Reporting by Andrey Ostroukh; Editing by Vladimir Soldatkin)