Russia is moving towards a crucial stage of voting on a bill on encrypted assets. Under the disclosure arrangement, the State Duma plans to conduct the second and third readings of the bill on 21 July, with a view to establishing a national legal framework for digital assets and incorporating into a clearer regulatory system such encrypted currencies as bitcoin.
Bitcoin is to be recognized as property
According to the text of the Act, the digital currency will be recognized as property and not as a domestic payment instrument. This means that residents of Russia are still not allowed to purchase goods or services in encrypted currency, and the related assets are defined primarily as investment instruments and as settlement instruments authorized for international transactions.
The bill also proposes annual purchase caps for non-qualified investors. The annual amount for individuals to purchase encrypted assets through a single supervised intermediary is proposed to be limited to 300,000 roubles, and a separate limit for transfers abroad is proposed to be 100,000 roubles. Some retail investors also have to pass the test before the transaction takes place.
The broker will be under the supervision of the Russian Central Bank.
According to the draft, holding exchanges, brokers and other authorized intermediaries will be placed under the supervision of the Russian Central Bank. Members of Parliament have also adjusted some of the provisions during the legislative review process.
Of these, the previous requirement for currency holders to declare their wallet addresses was removed, and the focus of subsequent declarations shifted to holding balances and the size of the transaction. This change shows that the regulatory focus is more focused on financial flows and transactions than on the disclosure of address information on a case-by-case basis.
The cross-border use of enterprises is the focus of the Act.
One of the core changes in the Act is to allow Russian enterprises to use digital currency in their foreign economic activities. The relevant arrangements are primarily for cross-border trade, while the internal payment restrictions remain.
Russia had previously tested encrypted currency for international settlement under a pilot legal mechanism. If the bill completes the follow-up procedure, such practices will shift from pilot arrangements to a broader formal regulatory framework.
Under the current arrangements, the main provisions of the bill are expected to enter into force as early as 1 September 2026, but the follow-up ratification process beyond the national Duma vote still needs to be completed. The date of entry into force had previously been delayed because of the additional time required for coordination of related amendments.
As Russia advances its legislation, major economies are also accelerating the adjustment of encryption rules. Japan passed the relevant amendments in mid-July, while the United States Senate is still discussing a bill on encrypted market structures.