The Russian State Duma held second and third readings of a cryptocurrency regulation bill on July 22, 2026. The legislation, titled 'On Digital Currency and Digital Rights', would formally allow companies to use cryptocurrencies for cross-border settlements. It now moves to the Federation Council for approval before reaching President Vladimir Putin.
Cross-border crypto payments
The bill creates a legal basis for Russian firms to use digital currencies in international trade. It defines digital currency and digital rights under Russian law. The focus is on external settlements, not domestic use. Companies would be able to settle contracts with foreign partners using crypto, provided they comply with the new rules. The draft law does not legalize crypto as legal tender inside Russia.
Fast-tracked readings
Second and third readings on the same day is a sign of priority. The Duma's schedule for July 22 listed the bill as a key item. Passing both readings in one session is common for legislation the government wants to move quickly. The bill had already passed its first reading earlier in the session. The Duma's leadership pushed for a swift vote.
Aksakov's committee role
Anatoly Aksakov chairs the committee responsible for the bill. His committee oversaw the drafting and amendments. Aksakov has been a central figure in shepherding the legislation through the Duma. The committee's work included consultations with industry participants and government agencies.
The Federation Council will take up the bill next. If approved, it goes to President Putin for signature. The timeline is unclear, but the Duma's push suggests a desire to have the law in place before the end of the summer session. The bill's passage would mark a significant step in Russia's approach to digital currencies.
