Russia is advancing the final review of a cryptocurrency bill. According to Russian media, the State Duma could complete the third reading of the "Digital Currencies and Digital Rights" bill as early as soon, establishing a formal legal framework for domestic crypto activities.
Cross-border settlement has been included in the legislation.
The core idea of the bill is to liberalize certain regulated activities while maintaining restrictions on domestic cryptocurrency payments. In other words, Russia intends to permit crypto asset operations within compliance boundaries and provide a legal basis for specific cross-border settlements, but will not recognize cryptocurrencies as a domestic medium of everyday payment.
According to the disclosed content, the bill will permit cross-border crypto settlement arrangements affected by sanctions. This means that relevant businesses may, in the future, be able to use crypto assets in international trade and payment transactions under clearer legal conditions.
September 1 may become the effective date
Anatoly Aksakov, Chairman of the Financial Markets Committee of the Russian State Duma, stated that if the bill is approved, the main provisions are expected to take effect on September 1. He also noted that companies supplying goods to Russia will be able to use crypto assets to settle transactions without excessive restrictions.
Individual investment limits set
- The annual purchase limit for non-accredited investors is 300,000 rubles.
- The overseas transfer limit for non-qualified investors is 100,000 rubles.
- The purchase and transfer limits for qualified investors are 3 million and 1 million rubles, respectively.
These arrangements indicate that Russia is not fully opening its cryptocurrency market, but rather aims to advance trading and settlement activities within a controlled framework.
Regulatory guidelines continue to be adjusted.
Over the past period, Russia’s stance toward crypto assets has undergone a noticeable shift. Previously, local regulators adopted a cautious approach toward assets like Bitcoin and Ethereum, not recognizing them as formal forms of currency. In the past year, Russia has increased its activities in the crypto sector, with some private banks beginning to offer related services.
If this bill is ultimately passed, Russia’s cryptocurrency regulatory framework will become even clearer. For the market, two points are more significant: whether cross-border settlements can create practical use cases, and whether regulated trading activities will boost participation from local institutions.