Russia’s State Duma to review cryptocurrency bill on July 21, with 300,000 ruble annual purchase cap

Russia’s lower house of parliament will consider the government’s crypto regulation bill in its second and third readings on Tuesday, July 21, according to Anatoly Aksakov, chair of the State Duma’s financial market committee. For PSPs, exchanges, and banks watching high-risk flows, the draft is notable for putting crypto activity inside a licensed framework rather than leaving it in the grey zone.

1. Aksakov said the bill is meant to create “legal conditions for the functioning of cryptocurrencies in the country” and to help fight fraud and unlawful use of crypto in Russia. He framed it as a two-sided approach: restricting illegal use while allowing crypto for international transactions within a legal framework.
2. The bill, submitted by the government, would require buyers to pass a special test before purchasing cryptocurrency. It would also cap purchases at 300,000 rubles per year through one intermediary.
3. Only licensed organizations would be allowed to handle crypto operations under the draft: exchanges, brokers, and custodians. Non-professional investors would be limited to the most liquid cryptocurrencies, with the criteria for selecting those assets to be fixed in law.
4. The Bank of Russia presented its crypto-asset regulation concept in December. The original plan was for the law to take effect on July 1, but the State Duma did not approve it in time, and the start date was moved to September 1.
5. If the Duma approves the bill on July 21, it still needs approval from the Federation Council and then the president’s signature. The financial market committee has already rejected several amendments for the second reading, including a higher purchase limit for non-professional investors and permission to use non-custodial wallets.