Russia’s State Duma Set for Final Vote on Landmark Crypto Bill

Russia's State Duma is expected to hold final votes on a landmark cryptocurrency bill on July 21, paving the way for the country's first comprehensive legal framework governing digital assets, cross-border settlements and retail crypto investing.

Summary:

Lawmakers are expected to approve the bill during its second and third readings.
The legislation would formally recognize cryptocurrencies as property under Russian law.
The framework permits crypto use in international trade while maintaining the domestic payment ban.
New investment limits and licensing requirements are scheduled to take effect from September 1.

Russia Moves Toward Comprehensive Crypto Regulation

The legislation, formally known as Draft Bill No. 1194918-8, represents the most significant overhaul of Russia’s cryptocurrency rules since digital assets first emerged in the country.

Speaking at a press conference, Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, said lawmakers intend to adopt the bill during its second and third readings on July 21, allowing the framework to move toward implementation.

According to Aksakov, the legislation is designed to establish clear legal conditions for cryptocurrency ownership and transactions while supporting investors and businesses involved in international trade.

One of the proposal’s most consequential provisions classifies cryptocurrencies such as Bitcoin and Ethereum as property under Russian law. The change would provide greater legal certainty in areas including corporate accounting, insolvency proceedings and ownership disputes.

The bill also assigns the Bank of Russia primary responsibility for supervising the market, with crypto transactions expected to take place through regulated intermediaries, including licensed exchanges, brokers and newly established digital asset depositories.

Cross-Border Payments Become a Strategic Priority

While the legislation expands the legal status of digital assets, it maintains Russia’s long-standing distinction between investment and payments.

Cryptocurrencies would remain prohibited as a means of payment for goods and services within Russia, leaving the ruble as the country’s only legal tender.

At the same time, the bill formally authorizes the use of digital currencies in international trade settlements, providing companies with an additional mechanism for cross-border transactions.

The measure builds on Russia’s broader efforts to develop alternative payment channels as domestic businesses continue adapting to international sanctions and restrictions affecting traditional banking infrastructure.

Aksakov said the framework seeks to balance investment opportunities with practical use cases for businesses engaged in export and import operations, where lawmakers intend to impose significantly fewer restrictions than those applying to retail investors.

Retail Investors Face Strict Investment Limits

The proposed framework introduces separate rules for qualified and non-qualified investors.

Retail participants would be permitted to purchase only approved, highly liquid digital assets after completing a regulatory assessment. Annual purchases through a single intermediary would be capped at 300,000 rubles, while transfers abroad would face a 100,000-ruble annual limit.

Qualified investors would receive higher thresholds, with annual purchase limits of 3 million rubles and outbound transfer limits of 1 million rubles.

The differentiated approach reflects the Bank of Russia’s long-standing preference for limiting retail exposure to higher-risk financial products while allowing experienced investors greater flexibility.

For companies conducting foreign trade, lawmakers indicated that few operational limits would apply to cryptocurrency transactions used for international settlements.

September Implementation Marks the Next Phase

If approved as expected, the core provisions of the legislation are scheduled to enter into force on September 1, giving regulators and market participants several weeks to prepare for implementation.

The framework would establish the legal foundations for Russia’s digital asset market while introducing formal oversight of trading infrastructure, investor participation and cross-border cryptocurrency transactions.

For businesses, the legislation provides long-awaited legal clarity over digital asset ownership and international settlement. For investors, it signals a more tightly regulated market in which access increasingly depends on investor classification, transaction limits and oversight by licensed financial intermediaries.

The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.

Author

Alexander Zdravkov

Reporter at CoinsPress

Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.