Russia’s lower house has cleared a major rewrite of crypto rules, creating a licenced, bank-supervised market and opening limited doors for crypto in cross-border trade.
What happened
- The State Duma approved Bill No. 1194918-8, “On Digital Currency and Digital Rights,” in its second and third readings. The law now moves to the Federation Council and, if approved there, to President Vladimir Putin for signature.
- The framework designates the Bank of Russia as the primary market supervisor and establishes a formal licensing route for exchanges, brokers, custodians and other intermediaries that today operate largely outside the regulated financial system.
- The law is scheduled to begin taking effect on Sept. 1, 2026, with a transition period for market participants until July 1, 2027 to register, obtain licences and adapt systems.
Why it matters
- Russia’s Finance Ministry has estimated domestic crypto trading at roughly 50 billion rubles per day (about $640 million), much of it currently beyond formal oversight. This bill aims to pull that activity into regulated channels by requiring financial firms to be licensed to offer trading, custody and intermediary services.
- While the law stops short of making cryptocurrencies legal tender in Russia—payments for everyday goods and services with crypto remain banned—it creates a controlled path for Russian companies to use approved digital assets in certain cross-border transactions. That’s a material shift from a market that has largely functioned in the shadows to one integrated with regulated financial institutions.
Key provisions
- Retail limits: Non-qualified investors will be allowed to buy up to 300,000 rubles of approved cryptocurrencies per year via a regulated intermediary; higher allowances will be set for qualified investors.
- Reporting and controls: A previously floated requirement for holders to disclose wallet addresses was dropped. Instead, reporting will focus on balances and transaction volumes. Authorities can impose delays of up to 48 hours on certain large transfers abroad or to third parties.
- Supervision and licensing: Exchanges, custodians, brokers and other intermediaries must obtain licences to operate within Russia’s regulated market; the Bank of Russia will play a central oversight role.
Industry and political signals
- Anatoly Aksakov, chair of the State Duma Committee on Financial Markets, said the text was revised to reflect industry feedback and reduce legal barriers for companies using crypto in international trade.
- The move comes amid heightened Western scrutiny of crypto flows linked to Russia. European regulators have proposed tougher measures targeting overseas platforms accused of facilitating sanctioned entities’ fund movements.
Banks and exchanges gearing up
Major Russian financial institutions are already preparing products for a regulated market:
- Sberbank plans to launch a crypto wallet and custody services and is considering client access to foreign exchanges depending on the final rules.
- VTB and T-Bank have announced plans to build custody infrastructure.
- Moscow Exchange has signalled interest in offering regulated crypto services.
- Alfa-Bank has been testing crypto trading with eligible investors and plans a digital asset depository pending licensing and timing.
Broader context
- The crypto law dovetails with Russia’s larger digital finance agenda. The government expects to roll out the digital ruble starting Sept. 1 (in parallel with the crypto timeline), requiring major banks and large retailers to support the central bank digital currency in stages.
- Lawmakers are also working on a separate stablecoin framework focused on fiat-backed digital assets, especially for international settlement.
What’s next
- The State Duma’s vote advances the bill past the lower house, but the Federation Council must still approve it before it reaches the president. If the remaining steps proceed on schedule, regulated trading, custody and cross-border crypto uses will begin moving into the new system starting Sept. 1, 2026, with a transition window through mid-2027.
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