Russia is preparing to take a major step toward formalizing its cryptocurrency market as lawmakers schedule a decisive vote on July 21. The proposed legislation would establish a regulated framework for digital asset trading while keeping cryptocurrencies banned for domestic payments.
At the same time, the measure would expand legal cross-border settlements, giving businesses another option for international transactions. Consequently, the bill could reshape Russia’s digital asset sector by placing licensed exchanges and service providers under central oversight while limiting retail participation.
Retail Limits and Licensed Trading Framework
The draft legislation recognizes cryptocurrencies as property and allows licensed exchanges, brokers, custodians, and other operators to offer regulated services. However, the Bank of Russia would supervise these firms and introduce annual purchase limits for non-qualified investors.
The proposed cap stands at 300,000 rubles, or roughly $3,800, while qualified investors would receive broader access. Additionally, regulators removed the earlier requirement to disclose personal wallet addresses, choosing balance and transaction reporting instead.
Cross-Border Focus Takes Priority
Russia continues to prohibit cryptocurrency payments for goods and services within the country. However, officials want businesses engaged in international trade to use digital assets for cross-border settlements. Moreover, authorities believe this approach could reduce reliance on traditional banking channels affected by Western sanctions.
The Finance Ministry estimates that nearly 20 million Russians already own cryptocurrencies. If approved, the legislation could take effect on September 1, although regulators must finalize additional operating rules before full implementation.
Related: Crypto’s Crime Paradox: How Blockchain Is Helping Prosecutors Catch Offenders
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