Russia Moves to Regulate Crypto Market with New Legislation
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The Russian State Duma has taken a significant step forward in the regulation of digital currencies by advancing a comprehensive bill aimed at overseeing the nation’s cryptocurrency landscape.
In a recent session, the legislation received overwhelming support, with 327 out of 340 deputies voting in favor during its first reading. The proposed law, entitled “On Digital Currency and Digital Rights,” was introduced by the government and seeks to create a structured framework governing various aspects of cryptocurrency, including issuance, trading, and storage.
If the legislation is passed, it is set to come into force on July 1, 2026, although certain provisions may be implemented later. Among its key features, the bill outlines essential legal definitions and clarifies the terms of digital currency circulation and digital rights management.
Furthermore, it establishes five categories of regulated market participants: exchanges, brokers, management companies, depositories, and exchangers. All these entities will be required to obtain proper licenses and operate under the regulatory oversight of the Bank of Russia.
The central bank will hold the authority to regulate and grant licenses to these participants and will also have the power to impose transaction limits and various compliance requirements.
One of the most notable aspects of the proposed legislation is the recognition of digital currencies as property. This classification means that cryptocurrencies could be considered in legal matters such as bankruptcy and divorce settlements. However, it is important to note that the use of crypto for domestic payments remains strictly prohibited, with the Russian ruble designated as the sole legal tender within the country.
Despite this limitation, the bill permits the use of digital currencies in international trade, potentially providing Russian companies with a means to conduct transactions with foreign partners outside traditional banking channels.
Proponents of this measure believe it could aid Russian enterprises in mitigating the impact of sanctions by facilitating cross-border transactions.
The proposal also introduces a tiered investor classification system. Qualified investors will encounter fewer restrictions, while non-qualified participants will need to meet certain testing requirements and may face annual limits on their crypto purchases. This approach aims to minimize risk for retail investors.
Access to the cryptocurrency markets will be restricted to licensed intermediaries, with direct transactions outside these entities subject to greater scrutiny. A broader prohibition on peer-to-peer transactions is anticipated to take effect in 2027, although some enforcement measures are expected to begin earlier.
Additionally, the legislation specifies regulations regarding digital asset custody. A new system will manage cryptocurrency holdings, imposing restrictions on transfers to personal wallets and limiting withdrawals to accredited foreign entities.
Mining practices are included in the framework, stipulating that mined assets must be accounted for using Russian infrastructure. While the bill has garnered substantial support so far, some lawmakers have expressed concerns about potential overreach in regulation, which could stifle market growth.
Amendments to the legislation are expected to be proposed ahead of the upcoming readings in the State Duma, where further discussions will take place. If it successfully passes two more readings, it will then be sent to the Federation Council and ultimately to the president for approval.
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