Russia's State Duma passed a comprehensive crypto regulation bill in its first reading, establishing the country's first formal framework for digital asset regulation while maintaining restrictions on domestic cryptocurrency payments.
Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, noted that while the ruble remains Russia's sole legal settlement currency, the bill creates an exception for cryptocurrency use in foreign trade. "This allows Russian companies to use cryptocurrency to pay foreign counterparties, circumventing sanctions restrictions," Panesh said.
The Bank of Russia would serve as the licensing authority for crypto market participants under the proposed framework. The legislation is expected to take effect July 1, 2026, pending second and third readings in the State Duma, Federation Council approval, and presidential signature.
Tuesday's State Duma vote represents Russia's most comprehensive attempt to formalize digital asset regulation, balancing cryptocurrency integration with state control over domestic monetary policy.
Russia and cryptoRussia's crypto landscape continues to evolve in the face of the geopolitical upheaval sparked by its invasion of Ukraine, and the resulting sanctions imposed on the country.
