Russia's State Duma approved Bill No. 1194918-8 on July 21, 2026, in its second and third readings, creating a legal framework for crypto trading that's tightly controlled by the state. The bill still needs approval from the Federation Council and President Vladimir Putin before it becomes law. If enacted, most rules take effect September 1, 2026, with a transition period running through July 1, 2027.
What the bill allows
The legislation permits crypto trading only through licensed Russian intermediaries — brokers, asset managers, exchanges, digital depositories, and a new class of registered crypto exchangers. Crypto payments for goods and services inside Russia remain prohibited. However, exporters, importers, miners, exchangers, and depositories get wider access to crypto for foreign trade. Stablecoins like USDT and USDC are classified as foreign digital instruments under the bill.
Restrictions on retail investors
Retail investors must pass a test before they can buy crypto. Even then, they're limited to the most liquid assets selected by the Bank of Russia, with an annual cap of 300,000 rubles per intermediary. Qualified investors face no purchase cap. From July 1, 2027, Russian banks must block direct payments to unlicensed foreign exchanges. Crypto transfers get a 48-hour anti-fraud cooling period: 300,000 rubles for internal transfers and 100,000 rubles for transfers to international infrastructure.
Requirements for registered crypto exchangers
Registered crypto exchangers must have at least 15 million rubles in capital, install anti-fraud systems, separate client assets, and meet strict compliance, staffing, and cybersecurity rules. The bill creates a legal but tightly controlled domestic crypto system. Industry critic Sergey Mendeleev, founder of Exved, called the bill 'a ban' similar to casinos or forex, arguing it favors selected banks and exchanges while restricting ordinary users and existing crypto businesses.
Timeline and next steps
The bill now heads to the Federation Council, then to President Putin for signature. If signed, the main rules kick in September 1, 2026, with a transition period ending July 1, 2027. Uncertainty remains about how users and businesses will adapt to the new system — and whether the tight controls will drive activity underground or into compliance.
