Russia Passes Crypto Market Bill as U.S. Lawmakers Finalize Clarity Act Revisions
- Jul 24
- 3 min read
Updated: Aug 11
Russia's State Duma has approved legislation establishing a regulated framework for cryptocurrency trading, joining a broader push by governments to formalize oversight of digital assets as U.S. lawmakers move closer to advancing the Clarity Act.
The bill creates a legal framework for cryptocurrency exchanges, brokers and custodians, requiring them to join a government registry to operate. Existing platforms will have about one year to complete registration before the new requirements fully apply.
The legislation also broadens access to digital assets. If passed as it is, it would allow retail investors to purchase approved cryptocurrencies through licensed intermediaries after passing a knowledge assessment.
Notably, non-qualified investors would be limited to purchasing up to 300,000 rubles ($3,900) annually through each intermediary, while qualified investors will face no investment caps after meeting eligibility requirements.
The measure marks a significant expansion of Russia's previous investment rules, which largely restricted cryptocurrency participation to wealthy or specially qualified investors.
Despite opening regulated trading, the legislation preserves Russia's prohibition on using cryptocurrencies to pay for goods and services domestically. It maintains exemptions for foreign trade settlements, mining proceeds and certain securities-related transactions.
Banks will also be required to block transfers to recipients suspected of operating unauthorized cryptocurrency exchanges.
Most provisions take effect Sept. 1, coinciding with Russia's planned rollout of the digital ruble at major banks and retailers. The measure must clear the Federation Council and receive President Vladimir Putin's signature.
Clarity Act Advances to Senate Vote in the U.S.
The Russian vote comes as the U.S. Senate prepares to consider the latest version of the Clarity Act, a sweeping digital asset market structure bill that Republicans released after combining legislation previously approved by the Senate Agriculture and Banking committees.
The updated bill adds ethics provisions designed to prohibit the president, vice president, members of Congress and other federal officials, along with their spouses, from issuing or sponsoring digital assets while allowing them to continue investing in cryptocurrencies. The ethics section would expire at noon on Jan. 20, 2029.
The proposal also assigns enforcement of the ethics provisions to the U.S. Department of Justice, an approach that has drawn criticism from some Democratic lawmakers who have argued state attorneys general should also play a role.
Elsewhere, the legislation incorporates the Blockchain Regulatory Certainty Act, establishing that non-custodial software developers are not considered money transmitters under federal law. The latest text also adds 25 new sections intended to address law enforcement concerns raised during negotiations.
The Senate could vote on the measure as soon as next week, though bipartisan support remains uncertain as lawmakers continue negotiating the ethics provisions.
Separately, Pakistan expanded its digital asset oversight. The Federal Investigation Agency earlier this week announced a specialized cryptocurrency investigation unit under its National Command and Control Centre to investigate crimes, including money laundering and terrorism financing.
The unit will operate alongside the Pakistan Virtual Assets Regulatory Authority, which was established as the country's permanent federal digital asset regulator after parliament passed the Virtual Assets Act in March.
JAN MATULA
Founder of Bitcion.Blog
Graduate of Bratislava University of Economics and Business, experienced Forex and Stocks trader since 2008, early Bitcoin investor and crypto trader since 2021.
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