Russia is moving closer to introducing a comprehensive legal framework for crypto after the State Duma had readings of its flagship crypto asset bill on July 21.
Parliamentary records show legislators recommended the proposal for approval during its second reading on Thursday, July 16. The measure, draft bill No. 1194918-8 (Digital Currency and Digital Rights), now awaits the final votes in the lower house of parliament before advancing to the next stages of the legislative process.
If approved, the bill would introduce detailed rules covering investor participation, crypto trading, and international digital asset transfers. However, passage in the State Duma alone would not make the proposal law, as it must still receive additional approvals before taking effect.
The latest version introduces investment caps based on an individual’s status. Ordinary investors would be permitted to purchase up to $3,800 in crypto each year through a single licensed intermediary. Cross-border transfers for this group would be limited to $1,300 annually.
Investors classified as qualified would receive significantly higher allowances. Under the proposal, they could acquire digital assets worth up to $38,277 and send as much as $12,759 abroad through approved channels.
The restrictions form part of Moscow’s broader effort to shift crypto activity into a regulated financial environment. Licensed brokers, exchanges, and other authorized service providers would operate under supervision from Russia’s central bank.
The legislation has undergone several revisions since lawmakers approved it in its initial reading earlier this year. Earlier drafts required crypto owners to disclose wallet addresses, but that provision has been removed. Instead, regulators would focus on information including transaction volumes and account balances.
The updated proposal also allows authorities to temporarily delay certain large transfers to foreign or third-party accounts for as long as 48 hours.
Russia continues to prohibit crypto as a payment method for domestic goods and services. The proposed framework instead treats digital assets primarily as investment products and as tools for selected international transactions.
Businesses involved in foreign trade would receive greater flexibility than retail investors. Companies importing goods into Russia will be able to use crypto without unnecessary legal barriers. Exporters and importers would also benefit from fewer restrictions when conducting transactions within the proposed regulatory framework.
The Russian government has already introduced an experimental legal regime allowing selected companies to use crypto in cross-border trade while permanent legislation is being finalized. Separate rules governing stablecoins are also under development, with lawmakers considering their role in international payments.
If the remaining approvals are secured, the core provisions of the legislation are expected to take effect on September 1. The implementation date is later than originally planned since lawmakers required additional time to review amendments.
Outside Russia, authorities have increased scrutiny of crypto networks allegedly linked to sanctioned Russian organizations. Both the UK and the EU have imposed measures targeting platforms accused of facilitating restricted financial activity.
As different countries debate and pass crypto regulations, rapidly growing entities like BitFuFu Inc. (NASDAQ: FUFU) will be monitoring these developments and assessing how they fit into their expansion plans.
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