Russia's Duma Passes Crypto Bill 1194918-8, Sets $3,800 Annual Cap for Retail Investors

According to Rossiyskaya Gazeta, Russia's Duma passed Bill No. 1194918-8 on July 21, sending the landmark crypto legislation to President Vladimir Putin for signature. The Bank of Russia will license five categories of market participants—exchanges, brokers, custodians, management companies, and exchangers—with full enforcement by July 1, 2027. Core provisions take effect September 1, 2026, alongside Russia's digital ruble rollout.

Non-qualified retail investors can purchase up to 300,000 rubles (approximately $3,800) in crypto per year through a licensed intermediary after passing a risk-awareness test. Qualified investors face a higher ceiling of roughly 3 million rubles. Privacy-focused coins are excluded on anti-money-laundering grounds. The law's central feature permits Russian companies to use crypto for settling international trade, a significant channel given Russia's exclusion from SWIFT following its 2022 invasion of Ukraine. Domestic crypto payments remain prohibited.