Russia Nears Crypto Vote with Tight Retail Caps and Licensed Exchanges

Russia's State Duma is set to vote on July 21 on a sweeping crypto bill that would legalize regulated trading and cross-border settlements. The proposed legislation, known as Draft law No. 1194918-8, has already cleared its first reading with 327 of the 340 participating deputies voting in favor on April 21.

The bill aims to preserve Russia's ban on digital-asset payments at home while allowing licensed operators to support crypto transactions. Exchanges, brokers, custodians, and other intermediaries would operate under Bank of Russia supervision. Foreign-trade participants could use digital assets in cross-border settlements, widening access beyond the experimental regime already available to selected companies.

Retail investors would face strict limits, with the proposed ceiling for annual purchases set at 300,000 rubles (approximately $3,800). This move is intended to restrict ordinary investors while qualified participants receive broader access. Mining would remain under Federal Tax Service oversight rather than the Bank of Russia, and regulated financial firms could gain new opportunities in custody, brokerage, and foreign-trade settlement services.

Bitcoin traders may see an increase in demand from exporters, importers, and settlement providers due to legal cross-border use. However, licensing rules may concentrate liquidity among state-approved banks and trading platforms. The bill would move a large portion of Russia's crypto activity toward supervised channels but keep speculative demand constrained by retail caps and custody restrictions.