Russia's first comprehensive crypto law nears passage with two votes remaining, establishing exchange licensing, capping retail investment at $3,800 annually, and enabling cross-border sanctions-evasion payments.
Regulation & Gov ·
Russia's legislature is set to advance its first comprehensive cryptocurrency law through two final parliamentary votes scheduled for July 21. The bill establishes a licensing framework for crypto exchanges, brokers, and custodians overseen by the Bank of Russia, with implementation targeted for September 1 following expected Senate approval and presidential signature. A lawyer tracking the legislation indicated that Bitcoin and Ethereum would likely form the initial permitted assets, though the Bank of Russia may eventually expand the list to include the five or ten most-traded cryptocurrencies on major exchanges.
Retail investors face an annual purchase cap of approximately $3,800 through a single licensed intermediary, while professional investors operate without limits—though all participants are barred from privacy coins including Monero, Zcash, and Dash. The law restricts cryptocurrency use to international transactions, allowing Russian companies to route payments to foreign partners outside Western banking channels; domestic purchases with crypto remain prohibited, with the ruble staying Russia's sole legal payment method domestically.
Several procedural steps remain beyond the scheduled second and third readings. Senate approval and President Putin's signature are still required, a process the State Duma Committee chairman estimated would take approximately two weeks. The original implementation date of July 1 was delayed due to coordination issues between government agencies.