Russia’s State Duma, the lower house of parliament, has advanced a draft law on its first reading aimed at regulating digital currencies and overhauling the framework for digital financial assets, according to RBC. The bill passed with 327 of 340 deputies voting in favor.
Submitted by the government on April 1, the bill, formally titled “On Digital Currency and Digital Rights,” introduces five types of regulated organizations, including exchanges, brokers, management companies, depositories, and exchangers.
It also sets out requirements for investor participation and provides a framework governing how cryptocurrencies can be stored, traded, and exchanged.
Key features
Under the proposal, from July 1, 2026, citizens and businesses will be allowed to legally acquire crypto through licensed intermediaries. Furthermore, only cryptocurrencies meeting high thresholds for market capitalization, trading volume, and operational history will be eligible for organized exchange trading.
The use of crypto for domestic payments remains prohibited, but it will be permitted for foreign trade settlements.
The proposal establishes a digital depository to manage crypto holdings, limiting withdrawals to licensed foreign institutions and excluding transfers to personal wallets.
Russia’s central bank is given the authority to impose withdrawal limits. Non-qualified investors must undergo testing and may face annual purchase limits, while qualified investors benefit from more flexible rules.
In addition, the law aims to ban crypto lending without licensed intermediaries for all Russian currency residents, even in cross-border scenarios.
The ban on transactions without intermediaries comes into force on July 1, 2027, although P2P transactions remain formally legal until then, with payment-blocking systems and blacklisting mechanisms starting earlier in 2026.
The bill also redesigns the DFA market structure, increases transparency requirements for issuers, and allows government entities to participate.
Next steps
In Russia, a bill must pass three readings in the State Duma before becoming law. The first reading addresses the general concept and framework, without amendments.
The second reading is the main working stage, where the bill is reviewed in detail and amendments are proposed and voted on. The third reading is a final vote on the full bill.
Lawmakers have two weeks to propose amendments before the second reading.
After the State Duma, the Federation Council must approve the bill within 14 days, followed by presidential signature within another 14 days.
The law is set to take effect on July 1, 2026, if passed.
