Russia’s State Duma is scheduled to hold second and third readings on Tuesday, July 21, 2026, of a bill that would legalize licensed crypto trading and cross-border settlement while keeping crypto banned for domestic payments.
Inside the Bill’s Final Push
Draft law No. 1194918-8, titled “On Digital Currency and Digital Rights,” cleared its first reading on April 21 with 327 of 340 participating deputies voting in favor, and was reworked afterward.
Anatoly Aksakov, chairman of the Duma’s Financial Market Committee, told RBC reporter Anastasia Kuzmicheva: “Tomorrow, we will adopt a law in the second and third readings aimed at creating legal conditions for the functioning of cryptocurrencies in our country.”
Passage would send the bill to the Federation Council before reaching President Vladimir Putin for signature, with main provisions set to take effect September 1 if signed.
The bill treats crypto as property rather than legal tender, leaving the ruble as the only lawful currency for domestic transactions, and would let licensed exchanges, brokers, and custodians operate under Bank of Russia supervision.
Non-qualified retail investors would face a 300,000 ruble, roughly $3,800, annual cap on purchases through a single intermediary, with a separate 100,000 ruble limit on transfers abroad. Qualified investors would get higher limits of 3 million rubles for purchases and 1 million rubles for transfers abroad.
The revised draft also dropped an earlier requirement that holders disclose individual wallet addresses, instead requiring reports on balances and transaction volumes, a change Aksakov said was meant to reduce the risk of sensitive information being exposed.
Bitcoin mining would remain under Federal Tax Service oversight rather than the Bank of Russia’s.
Why Cross-Border Trade Is the Real Target
Only cryptocurrencies with market capitalizations above 5 trillion rubles, roughly $66.6 billion, and a five-year trading history would qualify for cross-border settlement under the bill, with Bitcoin and Ethereum expected to be the first approved assets.
Russian exporters and importers moving an estimated $240 billion in trade volume would gain a legal settlement pathway outside sanctioned banking channels, a response to correspondent-bank access restrictions that followed 2022 sanctions.
Russia’s Finance Ministry estimates roughly 20 million residents currently hold crypto, though retail caps and custody restrictions are likely to keep speculative domestic demand constrained even as institutional cross-border use expands.
For related coverage of how Russia’s broader crypto market has responded to regulatory signals, see our coverage of Russia crypto indices tracking SOL, XRP, and BNB. Readers interested in how the United States is approaching similar questions can find context in our coverage of the CLARITY Act.
What Comes Next
The bill missed an earlier internal target of July 1 after being sent back for committee review, and Tuesday’s vote still leaves two further steps, Federation Council approval and Putin’s signature, before the September 1 effective date becomes real.
International scrutiny remains a live risk. Companies handling Russian crypto settlements could face added compliance reviews or sanctions exposure, particularly for transactions involving restricted counterparties.
What this means for you: this bill formalizes an institutional settlement channel for Russian trade, not a new retail on-ramp, so its more immediate market relevance is to companies and exchanges positioning around cross-border settlement rather than individual investors inside Russia.
