Russia’s State Duma passes a major crypto bill, pending President Vladimir Putin’s signature before taking effect on Sept. 1.

Russia's lower house of parliament has taken a big step toward formalizing cryptocurrency rules. On July 21, the State Duma completed the second and third readings of a comprehensive bill titled "On Digital Currency and Digital Rights." The legislation treats crypto as property rather than currency and sets up a regulated framework for the market. It still needs approval from the Federation Council and President Vladimir Putin's signature to become law.

Key provisions include licensing for exchanges and custodians, clear rules for operations, and limits on retail investors to help manage risk. Ordinary citizens would be capped at around $3,800 in annual crypto purchases, with higher limits for qualified investors. The bill keeps a firm ban on using crypto for domestic payments to protect the ruble while opening the door for businesses to settle international trade deals with digital assets. This move aims to bypass Western sanctions and strengthen cross-border options.

If signed, the main rules will take effect on September 1, 2026. The development marks a significant shift for Russia, which has been exploring crypto mining and digital payments for years. Supporters see it as a pragmatic way to integrate crypto into the economy under state oversight, potentially boosting financial innovation while maintaining control. The coming weeks will determine the final details once Putin reviews it.