Russia’s Crypto Bill Clears First Reading, Sets $3,900 Retail Cap and Allows Cross‑Border Payments

Context Russia is pushing to bring digital asset activity under a centralized licensing framework. The Bank of Russia would approve and supervise exchanges, brokers, and custodians, requiring them to meet strict standards before operating. Firms already working under the country’s experimental legal regime could enter through a streamlined path, aiming to expand participation while maintaining regulatory discipline. The legislation also recognizes crypto as property for legal protection but continues to prohibit its use for domestic goods and services, keeping the ruble as the sole legal tender.

Key Facts The draft law sets a purchase limit of 300,000 rubles for non‑qualified investors, which equals roughly $3,900 at the current exchange rate of about 77 rubles per dollar. Under the same framework, professional participants face no purchase caps. The bill explicitly permits the use of cryptocurrency for cross‑border trade, allowing companies to settle international transactions with digital assets under regulatory oversight. In related markets, Bitcoin (BTC‑USD) traded at $27,400, up 1.8% today with a market cap of $540 billion; Ethereum (ETH‑USD) stood at $1,850, up 1.2% with a market cap of $220 billion. Coinbase (COIN) rose 0.9% to $78, giving it a $20 billion market cap, while MicroStrategy (MSTR) gained 2.3% to $340, valuing the firm at $8 billion.

What It Means By limiting retail exposure while opening cross‑border channels, Russia seeks to curb speculative risk among everyday users while leveraging crypto to sidestep sanctions‑related payment hurdles. The Bank of Russia’s licensing role could bring greater transparency to exchanges but may also concentrate market power among approved entities. If the bill clears subsequent readings and takes effect July 1, 2026, it could shift a portion of Russia’s international trade settlement toward digital assets, influencing global crypto liquidity and ruble demand.

Watch for the State Duma’s second reading later this quarter and any adjustments to the retail cap as the Bank of Russia drafts final licensing rules.