Russia's State Duma is set to put a bill regulating the cryptocurrency market up for second and third readings on July 22, local time.

According to local media outlet RBC, cited by blockchain outlet Cointelegraph, if the bill passes Russia will establish a legal framework for overall cryptocurrency activity. It would also set investor rules and operating standards for cross-border transactions. The bill under review is draft No. 1194918-8, titled "Digital Currency and Digital Rights".

A key element of the bill is setting limits by investor type. Non-qualified investors would be limited to annual cryptocurrency purchases of 300,000 roubles (about 5.65 million won) through a single broker. The cap for overseas transfers would be 100,000 roubles (about 1.88 million won). Higher limits would apply to qualified investors, allowing purchases up to 3 million roubles (about 56.55 million won) and overseas transfers up to 1 million roubles (about 18.85 million won).

The bill goes beyond investment regulation and includes a basis for using cryptocurrencies in cross-border transactions. If approved, it would establish legal conditions for Russian companies to use cryptocurrencies in operating foreign trade. Anatoly Aksakov (아나톨리 악사코프), head of the State Duma's financial markets committee, said the law would create legal conditions for using cryptocurrencies in Russia.

He particularly highlighted its scope for companies supplying goods to Russia. Aksakov said the bill would allow companies that supply goods to Russia to use crypto assets without excessive legislative and legal restrictions. This shows a direction toward bringing cryptocurrencies into the formal system as a means of cross-border payment.

The implementation timeline is also relatively fast. Key provisions are expected to take effect from Sept. 1 if the bill passes. That increases the likelihood Russia will institutionalise in a short period standards for cryptocurrency trading and transfers and for external payments that have been uncertain so far.

The bill is closer to dividing the range of individual investors and controlling transaction size than to fully opening access to cryptocurrency investment. At the same time, it leaves room for use in cross-border commerce. Depending on the final review outcome, Russia's cryptocurrency policy is expected to take shape in a form that reflects both investor protection and demand for external payments.

The review also aligns with a trend in which Russia seeks to treat cryptocurrencies not just as an investment asset but as a payment instrument linked to real transactions. If the bill proceeds as planned, the Russian market is expected to see its first institutional framework applied at the same time, covering investment limits, overseas transfer rules and standards for corporate use in cross-border payments.