The Russian State Duma plans to conduct a second and third reading of the country’s core encryption regulation bill on July 21, which means that Russia is one step closer to a more complete legal framework for digital assets. The bill would set specific rules around investor access, brokering and cross-border use, but even if the Duma were to adopt it, the remaining legislative procedures would have to be completed.

Investor limits are included in the framework

According to Anatoly Aksakov, Chairman of the Financial Markets Committee of the Russian State Duma, the bill would set different thresholds for different types of investors. Unqualified investors still face annual purchasing caps, while eligible investors receive higher amounts.

  • Qualified investors can purchase up to 3 million roubles of encrypted assets
  • Eligible investors can transfer up to 1 million roubles abroad
  • An earlier annual limit of 300,000 roubles for unqualified investors

This arrangement is part of Russia's efforts to integrate encryption into the regulated market. According to the Act, licensed exchanges, brokers and other authorized intermediaries are subject to the supervision of the Russian Central Bank.

Wallet address declaration clause deleted.

The Act is No. 114918-8, entitled the Digital Currency and Digital Rights Act. According to the Duma ' s legislative records, on 16 July members of Parliament proposed the adoption of the second reading. The bill had previously completed its first reading in April.

The bill has been adjusted during its consideration. In July, members of Parliament removed the provision requiring the holder of an encrypted asset to declare the address of the wallet and amended it to place greater emphasis on disclosure of the balance, the size of the transaction, etc.

The new version also introduced stricter transfer controls. Large transfers initiated in part to offshore or third-party accounts may be required to be processed with a maximum delay of 48 hours.

Increased use of cross-border trade

The bill continues to distinguish between investments in encrypted assets and domestic payments. The Russian Federation still limits the domestic use of encrypted currency for payment of goods and services, so that the new framework mainly locates digital assets as an investment tool and a means of settlement in specific international transactions.

Aksakov stated that enterprises supplying goods to Russia should be able to use encrypted assets without undue legislative restrictions. Under the proposed framework, enterprises involved in import and export operations would have less restrictions than ordinary investors in cross-border transactions.

Russia had previously adopted a pilot legal mechanism to allow some enterprises to use encrypted currency in foreign trade. If legislation is completed, such arrangements will be further integrated into the broader formal regulatory system.

1 September is the current target date

At present, the main provisions of this Russian encryption act are expected to enter into force on 1 September 2026, provided that the subsequent approval is successfully completed. The plan had been postponed earlier, and the original target had been July.

Estimates cited by the Russian Ministry of Finance in February this year show that the size of the encrypted trade in Russia is about 50 billion roubles per day, a significant part of which remains outside the regulatory system. This second and third readings will determine how investor limits, card-holders and cross-border encryption transactions land.