TLDR
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Russia clears landmark crypto bill, sending final law to Putin for approval.
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New Russia crypto law sets rules for exchanges, brokers, and custodians.
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Russia keeps crypto payment ban but opens regulated foreign trade use.
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Banks prepare crypto custody services under Russia’s new legal framework.
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Russia starts regulated crypto market rollout with Sept. 2026 launch plan.
Russia has moved a major cryptocurrency market bill to its next legislative stage after the State Duma approved it in the final readings. The measure creates a legal framework for digital asset businesses and expands approved cryptocurrency use in foreign trade. Moreover, the legislation now heads to President Vladimir Putin after completing the lower house process.
Russia creates a legal framework for crypto businesses
The State Duma approved Bill No. 1194918-8 during its second and third readings on Tuesday. The legislation establishes rules for exchanges, brokers, custodians, asset managers, and other cryptocurrency service providers. The framework also places the Bank of Russia at the center of market supervision.
The bill introduces licensing requirements for companies operating within the country’s digital asset sector. It creates a regulated environment that replaces much of the market’s existing unregulated activity. The new framework also defines operating standards for businesses offering cryptocurrency services.
Russia will continue banning cryptocurrency payments for domestic goods and services under the new legislation.The law allows approved digital assets for selected cross-border trade operations. Companies can use cryptocurrencies for international settlements under regulated conditions.
The legislation now moves to President Vladimir Putin for signature before becoming law. The Federation Council must complete its review before the final approval process ends. The main provisions will begin on Sept. 1, 2026, followed by a transition period ending July 1, 2027.
Russia expands regulated crypto services while keeping payment restrictions
Russia plans to bring cryptocurrency trading into regulated financial channels through licensed intermediaries. Besides, domestic trading currently reaches about 50 billion rubles, or around $640 million, each day. Officials expect the new rules to improve oversight across the digital asset market.
Retail participation will remain subject to defined purchase limits under the approved framework. Non-qualified buyers can purchase approved cryptocurrencies worth up to 300,000 rubles each year through regulated providers. Meanwhile, qualified participants will receive higher limits under separate regulatory requirements.
Lawmakers also removed an earlier proposal requiring wallet address disclosures from cryptocurrency holders. Instead, companies will provide information covering balances and transaction volumes. Additionally, certain large international transfers could face delays of up to 48 hours under compliance procedures.
Russia maintains the ruble as the country’s only legal domestic payment method. Therefore, businesses cannot accept Bitcoin or other cryptocurrencies for everyday payments inside the country. Approved digital assets can support cross-border commercial settlements through regulated channels.
Russia prepares banks and digital finance sector for rollout
Major financial institutions have already started preparing cryptocurrency services before the framework takes effect. Sberbank plans to introduce digital asset custody and crypto wallet services after implementation begins. The bank may provide access to foreign cryptocurrency exchanges under approved regulations.
VTB, T-Bank, and Moscow Exchange have also announced plans supporting regulated cryptocurrency services. Alfa-Bank has already tested cryptocurrency trading with a limited group of eligible participants. The lender also intends to launch its own digital asset depository after receiving regulatory approval.
The rollout aligns with Russia’s broader digital finance strategy. Additionally, the country plans to expand the digital ruble from Sept. 1 through a phased implementation process. Major banks and large retailers will gradually support the central bank digital currency under separate regulations.
Russia has also explored rules covering fiat-backed stablecoins for international settlement activities. The broader cryptocurrency framework marks a significant regulatory shift toward licensed digital asset services. Consequently, exchanges, brokers, custodians, and related companies will operate under a formal legal structure after the remaining approval stages.
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