Russia has advanced a key crypto bill on its first reading, as part of its efforts to establish a framework and fully bring the digital assets market out of the shadows in the next few months.
Russia Moves To Regulate Crypto Market By SummerOn Tuesday, the State Duma, the lower house of Russia’s legislature, advanced a key bill to legalize cryptocurrencies and establish a framework to regulate the digital assets in the country’s market.
After clearing its first review, the bill still needs to clear the second and third readings in the State Duma. Then, it would proceed to the Federation Council, the upper chamber of the Federal Assembly, for consideration before reaching the President’s desk for signature. If passed, the bill will take effect on July 1, 2026, except for provisions with different effective dates, TASS reported.
“No anonymous exchanges or ‘black’ brokers. Exchanges, brokers, and depositories will receive licenses, and the Central Bank will monitor compliance. Transactions conducted through underground platforms will automatically be at risk of being blocked and of losing funds,” Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, explained.
The bill also defines the entities authorized to facilitate the circulation of crypto assets in the country, including exchanges, brokers, trust managers, and digital depositories holding the relevant licenses from the central bank.
Discussing the regulation of crypto mining activities using Russian information infrastructure facilities, the deputy highlighted that “It is now a legal activity, but with clear rules: the use of only Russian infrastructure, and the reporting of equipment and currency produced.”
Digital Assets Allowed For Cross-Border SettlementsNotably, the bill will prohibit the use of crypto for paying for goods, services, or labor within the country, the report noted. However, it will allow its use for cross-border settlements to bypass sanctions restrictions.
“We have a national currency—the ruble—and it must remain the sole legal tender,” Deputy Panesh emphasized. “But we are making an exception for foreign trade. This allows Russian companies to settle accounts with foreign counterparties using cryptocurrency, bypassing sanctions restrictions. In effect, we are creating a legal instrument for cross-border settlements.”
The legislation will also introduce a tiered system that would limit the investor’s access depending on classification, aiming to “protect ordinary people from losing all their savings in a volatile market.”
“Now we are clearly defining: digital currency is property. This means it can be defended in court, included in the bankruptcy estate, and taken into account in divorce proceedings. This is a crucial step for the legal protection of millions of people who already own such assets,” he concluded.
