Russia moves closer to a formal crypto rulebook as the State Duma schedules final votes
Russia’s lower house of parliament is set to hold the second and third readings of its main crypto bill on Tuesday, July 21 — a key step toward putting digital assets under a formal legal framework. Draft bill No. 1194918-8, titled “On Digital Currency and Digital Rights,” was recommended for adoption in its second reading on July 16 and is now headed for the remaining votes.
What the bill would do
- Create rules for crypto trading, investor access and cross-border transactions, and bring licensed exchanges, brokers and other intermediaries under oversight from the Bank of Russia.
- Continue treating crypto primarily as an investment instrument rather than a medium for domestic payments; Russia’s ban on using cryptocurrency for in-country purchases would remain in place.
- Give special leeway to companies using crypto in foreign trade, with fewer restrictions for export/import operations than for ordinary investors.
Investor thresholds
- Non-qualified (retail) investors would be capped at 300,000 rubles (~$3,800) in crypto purchases per year through a single regulated intermediary, with a separate 100,000-ruble limit on transfers abroad.
- Qualified investors would see higher limits: up to 3 million rubles in purchases and up to 1 million rubles in transfers abroad, per the State Duma finance committee chair Anatoly Aksakov.
Changes during passage
- The bill’s language has been revised since its first reading in April. Lawmakers removed a proposed requirement for crypto holders to disclose wallet addresses; the updated text focuses instead on data such as balances and transaction volumes.
- The draft also introduces measures that could put certain large transfers to foreign or third-party accounts on hold for up to 48 hours.
Broader context and timeline
- Russia has already experimented with legal regimes allowing some companies to use cryptocurrency in foreign trade while permanent rules are developed. The bill would formalize a wider regulatory structure and recognizes crypto as property for cross-border use, while keeping domestic payment restrictions.
- Lawmakers are also drafting separate rules for stablecoins.
- External scrutiny is rising: the EU and UK have targeted Russia-linked crypto services accused of helping sanctioned entities move funds, and Brussels considered broader restrictions in June.
What’s next
- Even if the Duma approves the second and third readings on July 21, the bill still needs further approvals before becoming law. If the remaining steps are completed, the main provisions are expected to take effect on Sept. 1, 2026 — a delay from an earlier July target, attributed to extended interagency coordination.
- The timing matters: Russian Finance Ministry estimates cited earlier put domestic crypto trading at roughly 50 billion rubles (~$640 million) per day, much of it currently outside regulated channels. The new rules aim to move that activity into licensed venues.
Why it matters
The readings on Tuesday represent a decisive moment for Russia’s crypto policy: the final text will set investor limits, define who can operate as an approved intermediary, and shape how cross-border crypto flows are handled — with wide implications for retail investors, licensed platforms and businesses engaged in international trade.
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