Second edition of the crypto law: business foreign economic activity is a priority, retail investor — under control
The key vector for refining the bill on digital currencies and rights is to maximize consideration of the interests of businesses engaged in foreign economic activity. The second edition of the document was essentially "tailored" for this category of market participants. The second and third readings may take place as early as today, July 21.
What market concerns were heard?
The document's developers aimed to create regulation that does not erect insurmountable barriers for foreign trade but introduces clear rules of the game. During the discussion, concerns of market participants regarding total control over reporting on operations on foreign platforms were taken into account. A separate block of comments concerned risks to foreign trade relations: businesses feared that legalizing the domestic market would create obstacles for foreign operations due to mandatory registration of all cross-border transactions. Parliamentarians heard these concerns.
Key changes: freedom for foreign economic activity, filter for retail
The main result is that direct cryptocurrency settlements under foreign trade contracts are exempt from the general ban. This means that legal entities engaged in foreign economic activity can use digital assets for international settlements without intermediaries, directly. The regime extends to agents and commissionaires, removing the threat of increased costs for operations through a mandatory chain of licensed intermediaries.
For individuals, the picture is different. Domestic transactions are allowed but strictly regulated: only through licensed intermediaries, with mandatory testing and risk acknowledgment. The fixed limit of 300,000 rubles was removed, transferring the authority to set limits to the Bank of Russia. Instead of a pre-approved list of coins, a strict admission formula was introduced: the asset's capitalization must exceed 5 trillion rubles, daily turnover must be 1 trillion rubles, plus a five-year trading history on a licensed foreign exchange. As of today, only bitcoin confidently meets these criteria.
Timelines and infrastructure: transition period until 2027
A deadline of July 1, 2027, has been set for the full legalization of all infrastructure, including the P2P segment. Until then, systematic trading is allowed within the transition period. Importantly, the definition of "exchange service" now covers systematic activity involving two or more transactions per month totaling over 3.5 million rubles.
At the same time, a number of articles have been tightened. Depositories are required to open digital accounts and provide data to law enforcement agencies upon request. Issues of fines and criminal liability have been moved to a separate package of amendments to the codes.
Analyst's conclusion
The second edition of the bill sends a clear signal: the state is legalizing cryptocurrency primarily as a tool for international settlements, not as a means for retail speculation. The most comfortable conditions are being created for businesses involved in foreign economic activity. For the retail investor, entry becomes legal but narrow—with mandatory testing, limits from the Central Bank, and a restrictive asset admission formula that currently only bitcoin meets. This contrast clearly demonstrates priorities: the market is regulated where cryptocurrency is needed for international trade, leaving retail trade under strict control until 2027.