Russian lawmakers are due to hold a final vote on July 21 on legislation that would set up a formal framework for cryptocurrency trading in the country. The proposal would bring parts of the digital asset market under Bank of Russia supervision while leaving in place the existing ban on using crypto for domestic payments.
The draft also points to a broader policy goal beyond retail investing. Alongside licensed trading and custody services, it would expand the legal use of digital assets for cross-border settlements, an area officials see as a possible alternative for international transactions.
A regulated market under central oversight
Under the bill, cryptocurrencies would be treated as property. Licensed exchanges, brokers, custodians and other operators would be allowed to provide regulated services, with the Bank of Russia overseeing the framework.
That would mark a more formal structure for a market that already has significant public participation. According to the Finance Ministry, about 20 million Russians already own cryptocurrencies.
Retail access would be limited
The proposal draws a clear line between qualified and non-qualified investors. For retail participants who do not meet the qualified category, annual crypto purchases would be capped at 300,000 rubles, or about $3,800, while qualified investors would have wider access.
The draft would also change disclosure requirements. Rather than requiring users to provide their personal wallet addresses, regulators would rely on reporting of balances and transactions.
Payment ban stays, cross-border use expands
The legislation would not lift Russia’s restriction on using cryptocurrencies to pay for goods and services inside the country. Even if the bill passes, crypto would remain barred for domestic payments.
At the same time, the proposal would widen the legal use of digital assets for cross-border settlements tied to international trade. Officials believe that route could help reduce dependence on traditional banking channels that have been affected by Western sanctions.
What happens next
If lawmakers approve the bill in the final vote, the law could take effect on September 1. Additional operating rules would still need to be completed before the framework is fully implemented.
That means the July 21 vote is a key step, but not the end of the process. The next confirmed milestone would be translating the law’s broad provisions into the detailed rules that licensed market operators and investors would have to follow.
Source: Coin Edition