Russia Sets July 21 Crypto Bill Vote With 300,000-Ruble Retail Cap

Russia’s State Duma will consider a broad cryptocurrency market bill in its second and third readings on July 21, putting the country’s proposed licensing and retail-access regime on course for final parliamentary approval.

Financial Market Committee Chairman Anatoly Aksakov confirmed the July 21 legislative schedule on Monday. Holding both readings on the same day would allow the lower house to finish its consideration before the bill moves to the Federation Council and then to President Vladimir Putin for signature.

The legislation would establish regulated channels for buying, selling and holding digital currencies while maintaining Russia’s prohibition on using crypto to pay for goods and services domestically.

The bill was previously expected to clear parliament before July, but interagency negotiations pushed the timetable deeper into the summer. Its main provisions could take effect on September 1 if the remaining legislative steps are completed.

Retail Buyers Face Annual Purchase Limit

Non-qualified investors would need to pass a risk-assessment test before buying approved cryptocurrencies. Purchases would be capped at 300,000 rubles, roughly $3,800, per year through each regulated intermediary.

Retail access would initially focus on the most liquid digital assets. Bank of Russia officials have identified Bitcoin, Ethereum and USDT as the likely starting group, although the regulator could later expand the eligible list.

The structure follows the central bank’s crypto market framework, which separates ordinary investors from qualified participants. Qualified investors would be allowed to buy cryptocurrencies without transaction limits after passing a separate test, except for privacy-focused assets that conceal transfer information.

The restricted asset list and purchase ceiling extend an earlier plan to limit retail access to Bitcoin, Ethereum and USDT while moving larger trades into a more closely supervised investor category.

Licensed Firms Move To Center Of Market

Crypto transactions would be routed through licensed exchanges, brokers and trust managers. Specialized crypto exchanges and digital-asset depositories would face separate registration, capital, infrastructure, recordkeeping and compliance requirements.

Banks and established financial firms are already positioning for the regulated market. Alfa-Bank has outlined plans for a crypto depository and brokerage business, while Moscow Exchange has expanded its digital-asset benchmarks beyond Bitcoin and Ethereum.

Russia would continue treating crypto used in foreign trade separately from domestic investing. Residents and companies can access digital currencies for approved cross-border transactions under the country’s experimental legal regime, while ruble-denominated retail trading would move through licensed domestic intermediaries.