Previous article
The State Duma has passed a law legalizing cryptocurrency in the Russian Federation
Сryptocurrency
Retail investors will be able to purchase the most liquid digital assets up to 300,000 rubles per year through a single intermediary.
The State Duma has passed a law regulating cryptocurrencies in both its second and third readings. The law will come into force on September 1, 2026, and a transition period for market participants will last until July 1, 2027, according to the regulator's press release.
This document creates the first fully-fledged regulated cryptocurrency market infrastructure in Russia: the law introduces two new types of licensed participants—crypto exchanges and digital depositories—while existing brokers and management companies are also allowed to trade digital assets. Unqualified investors will only be granted access to trading after passing a test; qualified investors are also required to undergo testing, but all restrictions on the amount and list of cryptocurrencies are lifted for them. The criteria for retail investors to access exchange trading include a market capitalization of over 5 trillion rubles, an average daily volume of over 1 trillion rubles, and a trading history of at least five years. Currently, only Bitcoin and Ethereum qualify. Foreign stablecoins are considered cryptocurrencies and are subject to the same requirements.
One of the key provisions of the law is the permission to use cryptocurrency in cross-border transactions without any restrictions: exporters and importers will be able to pay with digital assets both through intermediaries and directly through any type of wallet. Direct cryptocurrency transactions between individuals are prohibited.
Investors will also be able to exchange cryptocurrency for securities and digital rights issued under Russian law. A separate provision expands the issuance of digital financial assets: they are allowed to be issued on public blockchain networks, and not only on the platforms of information system operators, as previously prescribed. Residents conducting cryptocurrency transactions abroad will be able to do so exclusively through foreign bank accounts; transferring cryptocurrency purchased in Russia abroad is permitted only through regulated intermediaries. The presence of assets held abroad will have to be declared to tax authorities.
The bill passed its first reading in April 2026. By the second reading, the concepts of "digital depository" and "foreign digital instrument" were introduced, and anti-fraud measures were tightened.
Market participants are required to comply with the new regulations by July 1, 2027. The law on liability for illegally organizing cryptocurrency circulation is also scheduled to come into effect at that time.