Russia’s State Duma is scheduled to carry second and third readings on Tuesday, July 21, 2026, of a invoice that will legalize licensed crypto buying and selling and cross-border settlement whereas holding crypto banned for home funds.
Contained in the Invoice’s Last Push
Draft legislation No. 1194918-8, titled “On Digital Foreign money and Digital Rights,” cleared its first studying on April 21 with 327 of 340 collaborating deputies voting in favor, and was reworked afterward.
Anatoly Aksakov, chairman of the Duma’s Monetary Market Committee, instructed RBC reporter Anastasia Kuzmicheva: “Tomorrow, we’ll undertake a legislation within the second and third readings geared toward creating authorized situations for the functioning of cryptocurrencies in our nation.”
Passage would ship the invoice to the Federation Council earlier than reaching President Vladimir Putin for signature, with important provisions set to take impact September 1 if signed.
The invoice treats crypto as property quite than authorized tender, leaving the ruble as the one lawful forex for home transactions, and would let licensed exchanges, brokers, and custodians function underneath Financial institution of Russia supervision.
Non-qualified retail buyers would face a 300,000 ruble, roughly $3,800, annual cap on purchases via a single middleman, with a separate 100,000 ruble restrict on transfers overseas. Certified buyers would get greater limits of three million rubles for purchases and 1 million rubles for transfers overseas.
The revised draft additionally dropped an earlier requirement that holders disclose particular person pockets addresses, as a substitute requiring experiences on balances and transaction volumes, a change Aksakov mentioned was meant to cut back the danger of delicate data being uncovered.
Bitcoin mining would stay underneath Federal Tax Service oversight quite than the Financial institution of Russia’s.
Why Cross-Border Commerce Is the Actual Goal
Solely cryptocurrencies with market capitalizations above 5 trillion rubles, roughly $66.6 billion, and a five-year buying and selling historical past would qualify for cross-border settlement underneath the invoice, with Bitcoin and Ethereum anticipated to be the primary authorized property.
Russian exporters and importers shifting an estimated $240 billion in commerce quantity would acquire a authorized settlement pathway outdoors sanctioned banking channels, a response to correspondent-bank entry restrictions that adopted 2022 sanctions.
Russia’s Finance Ministry estimates roughly 20 million residents presently maintain crypto, although retail caps and custody restrictions are prone to preserve speculative home demand constrained at the same time as institutional cross-border use expands.
For associated protection of how Russia’s broader crypto market has responded to regulatory indicators, see our protection of Russia crypto indices monitoring SOL, XRP, and BNB. Readers curious about how the USA is approaching related questions can discover context in our protection of the CLARITY Act.
What Comes Subsequent
The invoice missed an earlier inner goal of July 1 after being despatched again for committee evaluation, and Tuesday’s vote nonetheless leaves two additional steps, Federation Council approval and Putin’s signature, earlier than the September 1 efficient date turns into actual.
Worldwide scrutiny stays a reside threat. Corporations dealing with Russian crypto settlements may face added compliance opinions or sanctions publicity, notably for transactions involving restricted counterparties.
What this implies for you: this invoice formalizes an institutional settlement channel for Russian commerce, not a brand new retail on-ramp, so its extra quick market relevance is to firms and exchanges positioning round cross-border settlement quite than particular person buyers inside Russia.