Russia’s State Duma is set to hold the second and third readings of the main cryptocurrency regulation bill on July 21, moving the country closer to a comprehensive legal framework for digital assets. The draft legislation, titled “On Digital Currency and Digital Rights” (No. 1194918-8), was recommended for adoption in its second reading on July 16 and now faces the decisive procedural step.
Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, confirmed that both remaining readings would be considered on Tuesday. “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,” Aksakov said, according to a report by RBC.
Under the latest proposals, non-qualified investors would face an annual crypto purchase limit of 300,000 rubles (approx. $3,800) through a single regulated intermediary, with a separate limit of 100,000 rubles for transfers abroad. Qualified investors would be allowed up to 3 million rubles in purchases and 1 million rubles in cross-border transfers. Meanwhile, companies involved in foreign trade would face almost no operational restrictions, a move aimed at facilitating the use of crypto for export-import operations.
The bill maintains a clear separation: cryptocurrencies are treated as investment instruments and tools for international transactions, while domestic payments with crypto remain banned. The latest version removed a proposed requirement for crypto holders to disclose wallet addresses, instead focusing on balances and transaction volumes. It also introduces a potential 48-hour hold on certain large transfers to foreign or third-party accounts.
If adopted, the main provisions of the law are expected to take effect on September 1, 2026, a delay from the initially planned July date due to extended coordination among government agencies. The legislation still requires further approvals beyond the State Duma before becoming law. Russia’s Finance Ministry has estimated domestic crypto trading volume at around 50 billion rubles per day, much of it outside regulated channels, underscoring the significance of the proposed framework.
