Russia's First Comprehensive Crypto Law Two Votes Away; Final Vote Scheduled July 21

According to the State Duma schedule, Russia's lower house takes its final two votes on the country's first comprehensive cryptocurrency law on July 21, with the law set to take effect September 1 if approved. The bill establishes a licensing regime for crypto exchanges, brokers, and custodians under Bank of Russia oversight. Only Bitcoin and Ethereum currently meet the qualification threshold of 5 trillion rubles market capitalization and five years of verified trading history.

The legislation permits cryptocurrency only for international trade, allowing Russian companies to route payments outside Western banking channels and circumvent sanctions restrictions. Domestic cryptocurrency payments remain banned, and privacy coins including Monero, Zcash, and Dash are prohibited entirely. Senate approval and President Vladimir Putin's signature are still required before the law takes effect.