Russia’s State Duma has cleared the first reading of a major crypto bill that would formalize licensing, investor protections, and limited cross-border use — putting the Bank of Russia at the centre of supervision.
What the draft would do
- Central bank control: The Bank of Russia would be the primary regulator, responsible for licensing market participants and supervising crypto activity nationwide.
- Who can operate: Exchanges, brokers, custodial providers and other financial intermediaries meeting regulatory standards would be authorized to operate. Participants already in the central bank’s experimental legal regime, plus banks and brokers looking to enter the market, would get a simplified route to market access.
- Licensing and penalties: Authorization would be mandatory for service providers, and administrative penalties are planned for unlicensed activity. Banks and brokers could participate if they satisfy prudential requirements.
Retail investor rules
- Tiered access: The bill creates a two-tier system. Non-qualified (retail) investors would be capped at purchasing 300,000 rubles (roughly $3,900). Professional or qualified participants would not face those limits.
Legal status and protections
- Crypto as property: The draft legally recognizes cryptocurrency as property, meaning crypto assets could be defended in court — including in bankruptcy and divorce proceedings. “This allows crypto assets to be protected in court, including in bankruptcy and divorce cases,” said Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes.
Payments, cross-border use and prior proposals
- Domestic settlements: The ruble would remain the only legal means of domestic settlement; crypto payments inside Russia would still be prohibited.
- Foreign trade exception: Companies would be permitted to use cryptocurrency for cross-border transactions, a provision tied to restrictions on international payments. Panesh noted this measure “allows Russian companies to settle with foreign counterparties in cryptocurrency, bypassing sanctions restrictions.”
- Continuity with earlier plans: The bill follows a Finance Ministry package from March that called for trading through licensed intermediaries, restricting retail access to Bank of Russia–defined high-liquidity assets, and mandatory testing for non-qualified investors. Those earlier measures also allowed Russians to access crypto markets via foreign accounts if transactions are reported to tax authorities.
Next steps and timing
- The bill must pass second and third readings in the State Duma, then be reviewed by the Federation Council and signed by the president. If adopted on schedule, the new framework would take effect on July 1, 2026.
Why it matters
This draft law aims to bring Russia’s crypto market under tighter central-bank control while enabling a regulated pathway for institutional participation and limited retail access. Its cross-border carve-out and formal property status for crypto could have significant legal and commercial ramifications for firms and investors operating in and with Russia.
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