Russia’s State Duma is slated to conduct the pivotal second and third readings of its comprehensive cryptocurrency regulation bill on Tuesday, July 21, marking a decisive step toward establishing a formal legal framework for digital assets across the country. Draft Bill No. 1194918-8, officially titled “On Digital Currency and Digital Rights,” aims to transition the nation’s high-volume crypto activity into a regulated market operating under the direct oversight of the Bank of Russia.
Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, confirmed that lawmakers intend to pass both remaining readings back-to-back to establish legal parameters for cryptocurrency operations nationwide. First passed in its initial reading in April, the legislation has evolved considerably during parliamentary debate. Notably, lawmakers recently removed a proposal that would have required individual crypto holders to disclose their private wallet addresses, opting instead for reporting standards centered on account balances and overall transaction volumes.
Under the latest iteration of the proposed framework, retail participation will be strictly capped according to investor accreditation. Non-qualified investors will face an annual purchasing limit of 300,000 rubles – roughly $3,800 – via licensed intermediaries, with foreign transfers limited to 100,000 rubles. Conversely, qualified investors will be permitted to purchase up to 3 million rubles annually and transfer up to 1 million rubles abroad. The bill also introduces security mechanisms that could impose mandatory 48-hour holds on substantial transfers destined for foreign or third-party accounts.
While the new framework maintains Russia’s long-standing prohibition against using cryptocurrencies for domestic payments, it significantly expands their legal role in international commerce. Russian import and export businesses will gain broader authorization to utilize digital assets for cross-border settlements to bypass traditional foreign exchange bottlenecks. Should the State Duma pass the bill on Tuesday, it will still require secondary approval from the Federation Council and the president’s signature, with primary provisions targeted to go into effect on September 1, 2026.
