Key Takeaways
- • Russia's State Duma is scheduled to vote July 21, 2026 on final readings of Draft Law No. 1194918-8 ("On Digital Currency and Digital Rights"), after 327 of 340 participating deputies approved the first reading on April 21.
- • The bill would legalize cryptocurrency as property, permit licensed exchanges, brokers, and custodians to operate under Bank of Russia supervision, and enable cross-border crypto settlements for foreign-trade participants.
- • Retail investors face a 300,000 ruble annual purchase cap, with the Bank of Russia authorized to enforce restrictions on domestic cryptocurrency demand.
- • Cryptocurrency remains prohibited as payment for goods and services within Russia; the framework preserves the domestic payment ban while expanding access for international trade settlements beginning September 1.
- • Passage would advance the legislation to the Federation Council before requiring President Vladimir Putin's signature.
Summary
Russia's State Duma is poised to hold decisive second and third readings on a comprehensive cryptocurrency regulation bill on July 21, 2026, marking a pivotal moment for the country's digital asset framework. The Financial Markets Committee recommended the measure for advancement on July 16, clearing the path for the vote. Draft Law No. 1194918-8, formally titled "On Digital Currency and Digital Rights," was introduced by the Russian government on April 1 and secured its first reading on April 21 with strong parliamentary support—327 of 340 participating deputies voted in favor.
The legislation would fundamentally reshape Russia's crypto market by recognizing digital currencies as property and establishing a regulated trading infrastructure. Licensed intermediaries, including exchanges, brokers, custodians, and other operators, would operate under direct supervision of the Bank of Russia. This regulatory framework represents a shift from the country's previous experimental regime, which limited crypto activity to select companies. If approved, the law would expand cross-border settlement capabilities for foreign-trade participants, enabling international actors to utilize digital assets in commerce while maintaining Russia's longstanding prohibition on cryptocurrency as domestic payment.
A central feature of the proposal is the imposition of retail investor limits, with the Bank of Russia authorized to cap individual crypto purchases at 300,000 rubles annually. This constraint reflects Moscow's broader strategy to control domestic demand while opening channels for institutional and international activity. The framework deliberately separates domestic restrictions from cross-border trade permissions, distinguishing between use cases and market participants. Additional provisions include new wallet regulations and enhanced state control mechanisms.
Implementation of the trading framework is targeted for September 1, 2026, though licensing requirements for market participants may delay full operational capacity. Should the Duma approve the final readings on July 21, the legislation will proceed to the Federation Council before advancing to President Vladimir Putin for signature. The vote represents a capstone to months of legislative development and signals Russia's intent to create a hybrid regulatory model that permits international crypto commerce while safeguarding the domestic financial system from unauthorized digital-asset payments.
The legislation would fundamentally reshape Russia's crypto market by recognizing digital currencies as property and establishing a regulated trading infrastructure. Licensed intermediaries, including exchanges, brokers, custodians, and other operators, would operate under direct supervision of the Bank of Russia. This regulatory framework represents a shift from the country's previous experimental regime, which limited crypto activity to select companies. If approved, the law would expand cross-border settlement capabilities for foreign-trade participants, enabling international actors to utilize digital assets in commerce while maintaining Russia's longstanding prohibition on cryptocurrency as domestic payment.
A central feature of the proposal is the imposition of retail investor limits, with the Bank of Russia authorized to cap individual crypto purchases at 300,000 rubles annually. This constraint reflects Moscow's broader strategy to control domestic demand while opening channels for institutional and international activity. The framework deliberately separates domestic restrictions from cross-border trade permissions, distinguishing between use cases and market participants. Additional provisions include new wallet regulations and enhanced state control mechanisms.
Implementation of the trading framework is targeted for September 1, 2026, though licensing requirements for market participants may delay full operational capacity. Should the Duma approve the final readings on July 21, the legislation will proceed to the Federation Council before advancing to President Vladimir Putin for signature. The vote represents a capstone to months of legislative development and signals Russia's intent to create a hybrid regulatory model that permits international crypto commerce while safeguarding the domestic financial system from unauthorized digital-asset payments.
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