Russia Approves New Crypto Bill With Strict Retail Limits

Russia just moved a major crypto bill through its final parliamentary readings. The State Duma approved the legislation on July 21. The framework still needs final approval from the Federation Council and President Vladimir Putin before taking effect. Main rules start on September 1, followed by a transition period lasting until July 1, 2027.

The new law officially recognizes digital assets as property and allows cross border settlements for trade. However, it imposes strict retail limits. Everyday traders must pass a test and face an annual purchase cap of 300,000 rubles through each approved intermediary. Qualified investors face no such caps. Local crypto payments for goods and services inside Russia remain strictly prohibited.

From July 1, 2027, Russian banks must block direct payments to unlicensed foreign exchanges. The bill also introduces anti fraud cooling periods lasting 48 hours for certain transfers. Registered domestic exchangers will need at least 15 million rubles in capital and must follow strict cybersecurity rules. Local industry figures have strongly criticized the legislation, with some arguing that the tight restrictions function more like a ban than helpful regulation.

Traders and businesses must now decide whether to operate within these tightly controlled domestic limits or find alternative paths. Watch for updates from the Federation Council and any early reactions from local exchanges as the September start date approaches.