Russia's State Duma Votes on Historic Crypto Law This Week

Russia's State Duma is set to vote on its first comprehensive cryptocurrency law on July 21, which would allow Russian companies to use crypto for international trade.

The bill, titled 'On Digital Currency and Digital Rights,' sets up a licensing regime for crypto exchanges, brokers, and custodians, with the Bank of Russia issuing permits and having the authority to bar any cryptocurrency deemed a threat to financial stability.

Russian companies would be able to use Bitcoin or Ethereum to pay foreign partners, circumventing sanctions restrictions. However, domestic crypto payments remain banned, and regular investors face an annual purchase cap of 300,000 rubles (about $3,800) through a single licensed intermediary.

Only two cryptocurrencies currently meet the criteria: Bitcoin and Ethereum, with a market capitalization above 5 trillion rubles (roughly $65 billion) and at least five years of verified trading history on a licensed foreign exchange.