Russia’s State Duma Legalizes Cryptocurrency

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The new law establishes rules for the circulation of digital currencies in Russia, defines market participants, sets investment restrictions, and regulates the operation of market infrastructure. The document was approved by the State Duma in the second and third readings and is expected to come into force in September 2026, RBC reports.

Rules for Trading on Russia’s Cryptocurrency Market

Cryptocurrency transactions will be conducted through exchanges, while responsibility for the storage and accounting of digital assets will be assigned to digital custodians. They will be required to use appropriate software, ensure a high level of data protection, and be included in a special register maintained by the Bank of Russia.

Organized trading will be allowed only for digital assets with high capitalization, sufficient liquidity, and a long-established price history. Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, noted that Bitcoin, Ethereum, and the USDT stablecoin meet these criteria.

Brokers and asset management companies will be able to act as intermediaries between exchanges and investors. They will also be allowed to provide Russian clients with access to foreign infrastructure for cryptocurrency trading.

Crypto exchanges will become a separate category of market participants. To operate, they will need official registration and compliance with capital requirements. From July 1, 2027, only organizations included in the register will be allowed to operate with digital currencies. The minimum amount of equity capital for such companies is set at 15 million rubles, according to Rossiyskaya Gazeta.

Requirements for Digital Assets and Advertising

A separate segment of the market will consist of debt digital financial assets (DFAs), which are economically similar to bonds because they confirm monetary claims against an issuer. Such instruments will be regulated in a manner similar to traditional exchange-traded bonds: issuers will be required to disclose more information, while the interests of DFA holders will be protected by specialized representatives.

The law also introduces requirements for promoting services related to the circulation of digital currencies. Advertising materials must specify the name of the cryptocurrency service provider and include warnings about high risks and potential financial losses.

It will be prohibited to guarantee investment returns, use past performance as a forecast of future profits, mention specific digital currencies, or provide expectations regarding exchange rate movements. Advertising must also inform users about the possibility of reviewing risks before completing a transaction.

Use of Cryptocurrency in Russia and Foreign Trade

The law restricts the use of digital currencies inside Russia. For most market participants, crypto assets will primarily be available as an investment instrument. Using cryptocurrency to pay for goods and services inside the country will be prohibited, while the ruble will remain the only legal means of payment.

An exception will apply to participants in foreign economic activity. Cryptocurrency will be allowed for settlements related to imports and other foreign trade operations. Organizations with the appropriate license will be able to purchase digital assets abroad or transfer cryptocurrency to foreign partners through authorized Russian intermediaries.

Non-qualified investors will face restrictions on digital currency transactions. The Bank of Russia stated that they will be able to purchase liquid cryptocurrencies through intermediaries within a limit of up to 300,000 rubles per year ($3,800) through each intermediary. No restrictions are planned for qualified investors.

Russian users will be able to store cryptocurrency and conduct transactions through custodial wallets controlled by specialized organizations. These organizations will have to comply with Bank of Russia requirements and enter the regulator’s special register. The use of other wallets will be available to participants in foreign economic activity.

Outlook for Russia’s Cryptocurrency Market

The law is expected to come into force on September 1, 2026, with a transition period lasting until July 1, 2027. To fully launch the regulatory framework, the Bank of Russia will need to develop additional regulations — around 34 documents. Rules on administrative and criminal liability for violations will come into effect a year later.

Igor Laukhin, Head of the Brokerage Services Department at Sovcombank, believes that the market will initially see demand for the most liquid assets, including Bitcoin, Ethereum, and other major cryptocurrencies. Igor Marich, a representative of the Moscow Exchange, believes that a fully developed Russian cryptocurrency market will not emerge before 2027.

Kaplan Panesh, Deputy Chairman of the State Duma Committee on Budget and Taxes, noted that digital currencies have already become part of the global economy, while Russia previously lacked clear rules governing their circulation. In his view, the new law creates the foundation for a legal digital asset market, introduces clear requirements for participants, and will allow the state to monitor cryptocurrency turnover.

Sergey Chizhov, a member of the State Duma Budget Committee, said that the emergence of regulated crypto exchanges would help bring part of the market out of the “grey zone.” According to him, the new mechanism could simplify business settlements with foreign partners, including under conditions of restrictions on international payments.