Russia has taken a major step to regulate its cryptocurrency market. The State Duma, the country’s lower house of parliament, has today approved comprehensive legislation governing digital asset trading, custody, and cross-border settlements. The bill titled “On Digital Currency and Digital Rights” (Bill No. 1194918-8) passed its second and third readings on July 21, 2026. The bill now awaits approval from the Federation Council. After that, the bill will be sent to President Vladimir Putin for final signature.

The proposed legislation establishes a regulated framework for crypto intermediaries. This will bring exchanges, brokers, and custodians under the supervision of the Bank of Russia. It also officially recognizes cryptocurrencies as property.

Russia Introduces Licensed Framework for Crypto Trading

The new bill creates a licensing regime for companies offering crypto-related services. Retail investors who are not classified as qualified investors will be allowed to purchase only up to 300,000 rubles (approximately $3,800) worth of approved cryptocurrencies. Qualified investors will be subject to higher investment limits.

The law also introduces compliance requirements for licensed firms, including reporting obligations for balances and significant transactions. Earlier proposals requiring users to disclose all wallet addresses were ultimately removed from the final version of the bill.

Cross-Border Crypto Payments Approved While Domestic Ban Remains

Although the legislation expands the legal use of cryptocurrencies, it preserves the ban on using digital assets to pay for goods and services within Russia. This will ensure that the Russian ruble remains the country’s sole legal payment currency. At the same time, the bill authorizes Russian companies to use approved digital assets for cross-border commercial settlements.

Several major financial institutions, including Sberbank, VTB, T-Bank, and Alfa-Bank are reportedly preparing to launch crypto wallets. The Moscow Exchange has also expressed interest in participating in the regulated crypto market.

Russia Targets September 2026 Launch

The core provisions of the law are scheduled to take effect on September 1, 2026, followed by a transition period lasting until July 1, 2027. The implementation timeline also aligns with Russia’s broader rollout of its digital ruble.