Image credit: Shutterstock
Russia’s State Duma is expected to hold the second and third readings of a bill creating a regulated domestic cryptocurrency market on Tuesday, July 21.
The Financial Market Committee recommended that lawmakers advance Bill No. 1194918-8, titled “On Digital Currency and Digital Rights,” at the final sitting of the spring parliamentary session.
Committee chair Anatoly Aksakov said both remaining readings were tentatively planned for the same day.
Licensed Intermediaries Would Handle Crypto Trades
The bill would allow Russian residents and companies to trade digital currencies through regulated brokers, asset managers, exchanges, clearing organizations and digital depositories.
Companies conducting off-exchange crypto purchases, sales or swaps with residents above 3.5 million rubles in monthly turnover would need to join a Bank of Russia register.
Registered exchange companies would require at least 15 million rubles in capital. The Bank of Russia would supervise market participants, set operating requirements and decide which cryptocurrencies can enter public trading.
Domestic Crypto Payments Would Remain Banned
The legislation would keep Russia’s general ban on using cryptocurrency to pay for domestic goods and services.
Revised language would permit crypto-to-crypto exchanges, blockchain transaction fees and selected purchases of securities or digital rights outside public offerings. Foreign-trade settlements would remain exempt from the domestic payment restriction.
Bitcoin and Ether Meet Public Trading Thresholds
A cryptocurrency would need an average market value above 5 trillion rubles, daily trading volume above 1 trillion rubles and at least five years of price history on an approved foreign exchange to qualify for public trading.
Only Bitcoin and Ether currently meet those thresholds. The Bank of Russia could temporarily admit other assets for up to six months, while qualified investors could gain access to additional cryptocurrencies through regulated trading venues.
Stablecoin Rules Remain Outside the Bill
The bill does not create a dedicated stablecoin category. Dollar-linked tokens may fall outside its core definition of digital currency because their issuers accept obligations toward holders.
That leaves separate stablecoin rules for later legislation or regulatory clarification.
Payment-Blocking Rules Start July 1, 2027
Banks would be required to reject transfers when they suspect a recipient is operating an unauthorized crypto service. The revised bill removes the original public blacklists and lets banks identify suspicious recipients through internal procedures, while requiring them to notify customers and the central bank.
The main framework could take effect on September 1, while mandatory use of licensed intermediaries and payment blocking would begin on July 1, 2027. Passage on Tuesday would still leave the bill requiring Federation Council approval and President Vladimir Putin’s signature.
