Russia crypto law passes final Duma reading, two votes from approval

Russia’s State Duma approved the final reading of the “On Digital Currency and Digital Rights” bill on July 21, leaving only the Federation Council and presidential signature before it becomes law【4】. The legislation will take effect on September 1 2026, with a compliance window extending to July 1 2027, and it introduces tiered purchase caps and a sanctioned channel for foreign trade.

Legislative milestones and investor caps

The bill, numbered 1194918‑8, moved through second and third readings in the Duma, clearing the chamber after an initial April vote that saw 327 of 340 lawmakers support it【4】. Once signed by President Vladimir Putin, the law will require all crypto transactions to be routed through licensed entities—exchanges, brokers, management firms, depositories and exchangers—starting September 1 2026. A grace period allows existing operators to register until July 1 2027, after which banks must reject any non‑compliant transactions【2】【3】.

Investor limits are split between non‑qualified (retail) and qualified participants. Retail buyers may acquire up to 300,000 RUB of crypto annually through a single licensed intermediary and send no more than 100,000 RUB abroad. Qualified investors enjoy higher ceilings of 3 million RUB for purchases and 1 million RUB for outbound transfers【1】【3】. Both groups must pass a risk‑awareness test, and qualified status can be based partly on prior crypto experience【3】.

Cross‑border trade and regulatory backdrop

While domestic use of crypto for payments remains prohibited, the law explicitly permits digital assets in foreign trade, aiming to provide a state‑supervised alternative to traditional payment rails that have been constrained by sanctions【2】【3】. The framework aligns with Russia’s broader strategy to route international settlements through crypto, a practice previously limited to gray‑market platforms such as Garantex and the A7A5 stablecoin【3】.

Implementation will be supported by a suite of regulatory acts the Bank of Russia plans to issue—about 80 by year‑end—to define licensing, a domestic Travel Rule system, blockchain node infrastructure and analytics tools【1】. Parallel draft bills on crypto taxation and penalties are already moving through the legislature, indicating a comprehensive regulatory push【1】.

What to watch

• Price level: Monitor the ruble‑denominated crypto market for any price pressure as the 300,000 RUB retail cap comes into effect.
• Regulatory rollout: Watch for the Bank of Russia’s upcoming licensing rules and Travel Rule specifications, slated for release before the end of 2026.
• Legislative finalization: Track the Federation Council vote and presidential signature timeline, expected within the next two weeks【4】.

The passage marks Russia’s first formal legal framework for digital assets, shifting crypto from a prohibited fringe to a regulated channel for cross‑border commerce while imposing strict domestic limits. How the new licensing regime and investor caps reshape market activity will become clearer as the September 2026 rollout approaches.