Russia’s State Duma planned final readings for its main cryptocurrency regulation bill on July 21. The proposal would create national rules governing trading, investor access, licensed intermediaries, and cross-border settlements nationwide. The measure would cover retail investors, professional firms, and international businesses.
Draft law 1194918-8 is titled ‘On Digital Currency and Digital Rights.’ The official parliamentary record listed the measure as under consideration before the scheduled votes. Therefore, final passage still required confirmation from the Duma’s published voting record.
The bill would divide crypto investors into qualified and non-qualified groups. Non-qualified investors could buy approved cryptocurrencies after passing a required knowledge test. Their yearly purchases may face a 300,000-ruble limit through a regulated intermediary.
Qualified investors would receive broader access and higher transaction limits. Licensed exchanges, brokers, custodians and exchange operators would work under Bank of Russia supervision. Meanwhile, unlicensed firms would face restrictions after the planned transition period.
The revised text also removed a proposed rule requiring holders to report individual wallet addresses. Instead, users would report balances and transaction volumes. Lawmakers said the change would reduce exposure of sensitive ownership information.
Banks could also reject transfers linked to suspected unlicensed crypto operators. However, they would need to notify affected customers. The proposal gives banks discretion through their internal risk procedures rather than fixed public blacklists.
The framework would continue Russia’s ban on crypto payments for ordinary goods and services. The ruble would remain the country’s legal payment currency. Still, the bill would permit digital assets in selected financial and international transactions.
Russian exporters and importers could use cryptocurrencies for eligible foreign trade settlements. Authorities have already tested such payments under an experimental legal regime. The new law would place those activities within a wider permanent structure.
Anatoly Aksakov chairs the Duma Financial Market Committee and supports the proposal. He said, “Tomorrow, July 21, we will adopt the law in the second and third readings.”
The revised proposal would also permit crypto-for-crypto exchanges through licensed platforms. Certain private securities transactions and blockchain network fees could also use digital assets. Public retail payments would remain restricted.
Only cryptocurrencies meeting strict market and trading requirements could enter public exchange trading. Interfax reported that Bitcoin and Ethereum currently meet those proposed thresholds. The central bank could temporarily approve other assets for up to six months.
State Duma approval would not complete the legislative process. The bill would next move to the Federation Council. President Vladimir Putin would then need to sign it before the framework could become law.
Officials have targeted September 1, 2026, for the main provisions to take effect. The original proposal targeted July 1. However, lawmakers moved the date after extended talks and multiple amendments.
The new framework would recognize crypto as property and bring trading into licensed channels. It would also set reporting, custody, and supervision rules. Separate legislation would establish penalties for breaking the new market requirements.
Finance Ministry estimates placed domestic crypto trading near 50 billion rubles daily earlier this year. Much of this activity operated outside regulated channels, according to reports cited during the bill’s review process.
The final text will determine purchase caps, transfer rules, and eligible cryptocurrencies. It will also define how companies use digital assets in foreign trade. Publication of the official vote remains the next formal confirmation.
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