Russia Set for Crypto Bill Vote Amid Strict Retail Limits

Russia's State Duma is set to consider a comprehensive cryptocurrency market bill on July 21, paving the way for final parliamentary approval. The legislation would establish regulated channels for buying, selling, and holding digital currencies, while maintaining Russia's prohibition on using crypto for domestic payments.

The bill, which has been delayed due to interagency negotiations, would introduce a 300,000-ruble ($3,800) annual purchase limit for non-qualified investors. These individuals would need to pass a risk-assessment test before buying approved cryptocurrencies, with initial access limited to Bitcoin, Ethereum, and USDT.

Licensed exchanges, brokers, and trust managers would facilitate crypto transactions, while banks and established financial firms are already positioning themselves in the regulated market. Russia would continue to treat crypto used in foreign trade separately from domestic investing, with a phased enforcement period expected to begin on September 1.