Russia Prepares Final Vote on Crypto Rules While Preserving Domestic Payment Ban
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Russia will hold a decisive vote on July 21 on legislation that would recognize cryptocurrencies as property, create a regulated trading framework while preserving a ban on domestic crypto payments, and expand legal cross-border settlements for businesses. The bill places licensed exchanges, brokers and custodians under Bank of Russia supervision, tightens retail participation limits and could boost institutional CEX activity and cross-border adoption while constraining retail access and some DeFi use cases, leaving the market impact mixed.
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Russia is preparing to take a major step toward formalizing its cryptocurrency market as lawmakers schedule a decisive vote on July 21. The proposed legislation would establish a regulated framework for digital asset trading while keeping cryptocurrencies banned for domestic payments.
At the same time, the measure would expand legal cross-border settlements, giving businesses another option for international transactions. Consequently, the bill could reshape Russia’s digital asset sector by placing licensed exchanges and service providers under central oversight while limiting retail participation.
Retail Limits and Licensed Trading Framework
The draft legislation recognizes cryptocurrencies as property and allows licensed exchanges, brokers, custodians, and other operators to offer regulated services. However, the Bank of Russia would supervise these firms and introdu…
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