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Russia's State Duma will consider the country's long-awaited cryptocurrency regulation bill in its second and third readings on July 21, according to TASS. The proposal establishes a legal framework for crypto activity, strengthens enforcement against illicit use, and authorizes crypto in international transactions.
The bill also opens limited retail access. Non-qualified investors would be allowed to buy selected liquid cryptocurrencies after passing a test, capped at RUB 300,000 (roughly $3,400) per intermediary annually.
Why it matters
Russia is one of the world's largest crypto-active markets by transaction volume, and has operated in a legal grey zone since 2022 when central bank proposals to ban retail trading were overridden in favor of regulation. A final reading on July 21 would replace that ambiguity with a formal framework covering taxation, custody, and cross-border settlement, particularly relevant given sanctions-related constraints on traditional payment rails.
Market impact
The retail cap is modest in dollar terms but signals a path to broader adoption if the framework proves workable. Authorized use in international settlements gives Russian policymakers a sanctioned-compliant channel for trade that the ruble and traditional banking cannot easily provide. Watch for RUB 300,000 limits to expand in subsequent legislation once compliance infrastructure matures.
Frequently asked questions
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What does Russia's crypto regulation bill do?
It establishes a legal framework for crypto activity, authorizes crypto use in international transactions, tightens enforcement against illicit use, and lets non-qualified investors buy selected liquid cryptocurrencies after a test, capped at RUB 300,000 per intermediary annually.
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When will Russia's State Duma vote on the bill?
The State Duma is scheduled to consider the bill in its second and third readings on July 21, according to TASS.
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How much crypto can retail investors in Russia buy under the bill?
Non-qualified investors can buy selected liquid cryptocurrencies after passing a test, with purchases capped at RUB 300,000 (roughly $3,400) per intermediary each year.
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Why is crypto for international settlements significant for Russia?
Western sanctions have constrained traditional ruble-based trade and banking channels. Authorizing crypto for cross-border payments gives Russian policymakers and businesses a workaround rail that operates outside the restricted correspondent banking system.
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Has Russia regulated crypto before this bill?
No. Since 2022, Russia has operated in a legal grey zone after central bank proposals to ban retail trading were overridden in favor of a regulatory approach. This bill would replace that ambiguity with formal rules.
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