Russia’s State Duma is set to reach a pivotal stage in the country’s approach to cryptocurrency regulation, with its second and third readings of a key crypto bill scheduled for Tuesday, July 21. The committee overseeing financial markets recommended progressing with the “Digital Currency and Digital Rights” bill after a review on July 16.
Major provisions: Investment and cross-border limits
The proposed legislation, officially registered as bill number 1194918-8, aims to establish a comprehensive framework for regulating cryptocurrency trading, investor access, and international transactions involving digital assets. The bill sets out specific restrictions for different categories of investors.
Retail investors classified as non-qualified would be able to purchase digital currencies worth up to 300,000 rubles (approximately $3,800) per year, and these purchases would have to occur through a single regulated intermediary. Additionally, non-qualified individuals would face a strict overseas transfer cap of 100,000 rubles per year. These two limits would apply separately—one for buying crypto domestically, another for remitting funds abroad.
Qualified investors—those meeting requirements set by financial authorities—would receive higher annual ceilings, with a maximum of 3 million rubles on crypto purchases and a 1 million ruble allowance for foreign transfers.
| Investor Type | Annual Crypto Purchase Limit | Annual Overseas Transfer Limit |
|---|---|---|
| Non-qualified | 300,000 rubles ($3,800) | 100,000 rubles |
| Qualified | 3,000,000 rubles | 1,000,000 rubles |
Anatoly Aksakov, chair of the State Duma’s Financial Markets Committee, confirmed the reading dates and emphasized the bill’s intent of providing a legal structure for cryptocurrency activity in Russia.
“Tomorrow, July 21, we will adopt the law in the second and third readings, aimed at creating legal conditions for the functioning of cryptocurrencies in our country,” Aksakov stated.
Oversight and implementation
If the bill passes, only licensed exchanges, brokers, and intermediaries would be authorized to handle crypto transactions. Supervision responsibilities would fall to the Central Bank of Russia, marking a shift away from unregulated channels.
The draft law initially cleared its first reading in April, with earlier versions proposing limits on retail investments and requirements for licensing industry participants. Lawmakers made several amendments during the committee process, including the removal in July of a controversial clause requiring the disclosure of wallet addresses.
Under the legislation, companies involved in foreign trade will face fewer restrictions than individual investors. Exporters and importers will be permitted to conduct cross-border transactions with digital assets, although they will still be required to comply with basic regulatory conditions.
Russia has previously allowed select firms to use digital assets for international settlements on a trial basis, as part of a pilot program designed to explore broader adoption in foreign trade. Authorities continue to monitor these results before moving to a permanent legal regime.
The main components of the new regulatory framework are expected to take effect on September 1, 2026, provided the bill clears all legislative procedures, including the upcoming State Duma vote.
Market impact and ongoing legislative process
Russia’s approach to crypto regulation has been the subject of several years of debate, with topics such as trading access, licensing, investment limits, and payments repeatedly discussed among policymakers. The current bill aims to unify these issues under a single regulatory act.
According to the Finance Ministry, daily domestic crypto trading volume reached nearly 50 billion rubles, or around $640 million, in February. The majority of these trades reportedly occurred outside of official channels.
The bill’s passage on July 21 would represent significant progress, yet final implementation depends on the completion of necessary approvals and enactment procedures.
Mini dictionary: State Duma – The State Duma is the lower house of the Federal Assembly of Russia, responsible for enacting federal laws, including economic and financial policies.
