Russia Nears Crypto Law Allowing Foreign Trade but Banning Domestic Payments

State Duma schedules final crypto bill readings for July 21

Russia's State Duma is scheduled to hold the second and third readings of draft bill No. 1194918-8 on 21 July 2026. The bill, titled "On Digital Currency and Digital Rights," would regulate the country's crypto market. Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, confirmed the timing. A committee recommended the text for adoption on 16 July. Taking the two remaining readings in one sitting signals that the amendment stage is settled.

"And 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", 20 July 2026. — Anatoly Aksakov, Chairman, State Duma Committee on Financial Markets

The bill sets tiered limits for retail and qualified investors

The framework splits the market into two groups. Non-qualified investors could buy up to 300,000 rubles, about $3,800, in crypto each year through a single intermediary. They could send no more than 100,000 rubles abroad. Qualified investors would face higher ceilings of 3 million rubles for purchases and 1 million rubles for transfers abroad. The 300,000-ruble retail cap was already part of the version that cleared the first reading in April.

Russia keeps domestic payments banned while opening foreign trade

The bill keeps a strict ban on using cryptocurrency for domestic payments, salaries, or commercial settlements inside Russia. It permits digital assets for cross-border trade through regulated channels. Kaplan Panesh, deputy chairman of the Duma's budget and taxes committee, said the measure lets Russian companies settle with foreign counterparties in crypto, bypassing sanctions. Aksakov said companies supplying goods to Russia should be able to use crypto "without excessive legislative and legal restrictions."

Bank of Russia would license and supervise the market

The legislation designates the Bank of Russia as the licensing and supervisory authority for the crypto market. It recognises digital assets as property. Holders would gain standing in bankruptcy, divorce, and inheritance cases. The revised text dropped a contested requirement for users to disclose crypto wallet addresses. Holders would declare only balances and transaction flows.

Licensing rules would define who can offer crypto services

The bill establishes five categories of regulated entities: exchanges, brokers, management companies, depositories, and exchangers. It offers a simplified licensing path for banks and brokers already operating under the central bank's experimental legal regime. Only cryptocurrencies that meet thresholds for market capitalisation, trading volume, and operational history would qualify for organised exchange trading. Non-qualified investors would first need to pass a risk test and could buy only the most liquid assets. According to TASS, privacy-focused tokens such as Monero and Zcash would be excluded over anti-money-laundering concerns.

Several approval steps remain before the bill becomes law

Passage through the State Duma would not complete the process. The bill would still need approval by the Federation Council, the upper chamber of parliament, before going to President Vladimir Putin for signature. The government approved the package on 30 March 2026 and submitted it to parliament in early April. The main provisions are expected to take effect on 1 September 2026 if lawmakers finish the required steps. Controls requiring residents to trade only through authorised intermediaries would apply from 1 July 2027. The bill first passed on 21 April with 327 of 340 deputies in favour.

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