Russia's State Duma passed a bill on digital currency and digital rights in second and third readings today. The law heads to the Federation Council and President Putin for signature, expected to take effect in two weeks. It recognizes digital assets as property, licenses crypto firms, and permits crypto for foreign trade — but bans crypto payments for goods and services inside Russia.
Four years of infighting
This bill ends a long-running battle between the finance ministry, which wanted to legalize crypto, and the central bank, which pushed for an outright ban. In January 2022, the Bank of Russia proposed a total prohibition. Then came the invasion of Ukraine and the SWIFT disconnection. The stance shifted. Putin signed an experimental law in August 2024 allowing mining and international crypto payments. Today's bill is the permanent replacement.
What the law does
From September 1, 2026, the Bank of Russia will license five categories of participants: exchanges, brokers, management companies, depositories, and exchangers. Firms in a special registry can run exchange activity, with a grace period until July 1, 2027. The minimum capital requirement is 15 million rubles, about $190,000. Licensed firms must join a self-regulatory body. 'Systematic' exchange activity is defined as two or more deals per month above 3.5 million rubles.
Retail investors who aren't qualified can buy up to 300,000 rubles ($3,800) per year through a single licensed intermediary and send up to 100,000 rubles abroad. Qualified investors face higher limits: 3 million rubles for purchases and 1 million for foreign transfers. Both groups must pass a risk-awareness test. Tax treatment will follow securities rules, with rates to be set later. The law emphasizes monitoring — an earlier plan to require wallet address disclosure was dropped.
Cross-border trade and sanctions
Perhaps the most significant shift: the law legalizes cross-border trade in crypto, creating a state-supervised channel for sanctioned trade. Before this, Russia relied on gray-market networks like Garantex, which was shut down in March 2025, and the A7A5 stablecoin, later sanctioned by the UK. This gives Moscow a legal on-ramp for international settlements without the ruble.
The ruble remains the sole lawful currency. Crypto payments for goods and services are banned, and advertising such payments is prohibited. So the domestic economy stays ruble-only, but the foreign trade door is now wide open.
What happens next: the Federation Council takes up the bill, then Putin signs it. The two-week clock starts. Licensing begins September 1. The big open question: will the self-regulatory body actually enforce the rules, or will the old gray-market habits die hard?
