Russia's State Duma will hold the final readings of its cryptocurrency regulation bill on July 21. The bill recognizes crypto as property, permits regulated cross-border use, and bans domesti
Russia’s State Duma will hold the second and third readings of its cryptocurrency regulation bill on July 21, bringing the legislation to its final parliamentary stage. According to TASS, the proposal establishes legal rules for crypto activity, strengthens enforcement against illegal use, and permits regulated cross-border transactions while keeping domestic payment restrictions in place.
According to Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, lawmakers will complete the bill’s remaining readings during the July 21 session. The proposal, titled “On Digital Currency and Digital Rights,” previously cleared its first reading in April with 327 lawmakers voting in favor.
The legislation recognizes cryptocurrencies as property rather than legal tender. However, it keeps the Russian ruble as the only lawful payment method for domestic transactions. Instead, the bill allows companies to use digital assets for international settlements through regulated channels.
Meanwhile, the Bank of Russia would oversee the market by licensing exchanges, brokers, depositories, management companies, and crypto exchangers. Licensed platforms could also serve as tax agents by withholding income taxes from crypto investors.
The proposal also introduces separate rules for qualified and non-qualified investors. According to TASS, retail investors could buy selected liquid cryptocurrencies only after passing a mandatory knowledge test.
In addition, non-qualified investors would face an annual purchase limit of 300,000 rubles through each intermediary. Qualified investors would receive higher limits without the same restrictions applied to retail participants.
The framework also supports authorized cryptocurrency use in international trade. According to Aksakov, the legislation creates legal conditions for businesses using digital assets in cross-border transactions while strengthening measures against unlawful domestic activity.
Before the scheduled vote, the Financial Markets Committee approved revised bill text on July 8. The updated version removed an earlier proposal requiring cryptocurrency users to disclose wallet addresses.
If lawmakers approve the bill, its main provisions are expected to take effect on Sept. 1, 2026. The legislation would then move to the Federation Council before President Vladimir Putin considers it for final approval. Unlicensed crypto platforms could face restrictions beginning in July 2027 under the proposed framework.
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