Russia’s Crypto Bill Passes First Reading, Imposes $3,900 Retail Limit and Enables Cross‑Border Payments

The bill assigns the Bank of Russia authority to license exchanges, brokers and custodians, aiming to bring digital asset activity under central oversight. Professional participants face no purchase caps, while retail investors are restricted to 300,000 rubles per transaction.

Under the proposed rules, non‑qualified investors may buy no more than 300,000 rubles (about $3,900) of cryptocurrency. Companies can settle international trades using digital assets, subject to regulatory monitoring and reporting requirements.

Bitcoin (BTC) traded at $27,500, up 2.1% on the day, with a market cap of roughly $540 billion. Ether (ETH) stood at $1,850, gaining 1.8%. The MOEX Russia Index slipped 0.5%, while the USD/RUB rate hovered near 92.5. Crypto‑related stocks showed modest moves: Coinbase (COIN) rose 1.2% and MicroStrategy (MSTR) added 0.9%.

The legislation defines crypto as property, granting legal protection in disputes but maintains a ban on domestic payments for goods and services. Licensing requires applicants to meet strict standards, with penalties for unregulated activity.

What to watch next: the bill’s second and third readings in the State Duma, and any adjustments to the retail cap before the planned July 1, 2026 implementation.