Russia’s Duma Passes Crypto Bill Tightening Control Over Domestic and Cross-Border Trading

Licensed market structure

The bill, numbered 1194918-8, passed the Duma in its second and third readings on July 21. It sets out a system in which crypto purchases and sales would be handled through licensed intermediaries. According to the measure, that group would include brokers, asset managers, exchanges, digital depositories, and registered crypto exchangers.

A digital depository would be used to hold customers’ crypto assets within the framework. Registered exchangers would also be required to satisfy significant capital and compliance standards. The bill is designed not only for domestic trading, but also for cross-border settlements, widening the formal use of crypto in foreign trade.

Retail limits and access rules

Under the proposal, retail investors would not have unrestricted access. They would need to pass a test and would face an annual purchase limit of 300,000 rubles through each intermediary. Qualified investors, by contrast, would not be subject to that cap.

The bill also keeps in place Russia’s existing prohibition on using crypto to pay for goods and services within the country. In effect, the legislation draws a line between permitted trading and settlement mechanisms on one hand and domestic payment use on the other.

Foreign exchanges and bank controls

Another major element targets access to overseas trading venues. Beginning July 1, 2027, banks would be required to block direct payments to foreign crypto exchanges that are not licensed under the new system. The framework also предусматривает anti-fraud cooling-off periods for certain transfers, adding another layer of control over how funds move into the sector.

The legislation further classifies stablecoins such as USDT and USDC as foreign digital instruments. At the same time, it broadens formal access to crypto-based foreign trade tools for exporters, importers, miners, exchangers, and depositories.

Criticism and next steps

Critics cited in the source article argue that the proposed rules would effectively ban or sharply restrict large parts of the current market. In their view, the combination of licensing, investor testing, spending caps, and limits on foreign exchange access could damage the existing crypto ecosystem in Russia and drive activity underground rather than into regulated channels.

The bill has cleared the State Duma, but it has not yet completed the full legislative process. It still requires approval from the Federation Council and President Vladimir Putin before it can become law.

The debate around the measure reflects a broader tension in Russia’s crypto policy: the state appears willing to authorize tightly supervised trading and cross-border use, while continuing to bar domestic crypto payments and narrowing the role of unlicensed platforms.