Legislation for Russia's crypto market has entered a critical phase. The State Duma has passed the bill through its second and third readings, aiming to establish a unified regulatory framework for trading, custody, and cross-border settlements. The bill next requires review by the Federation Council and submission to President Putin for signature.
Covers exchanges and custodians
The bill titled "On Digital Currencies and Digital Rights" will bring exchanges, brokers, custodians, and other entities under a licensing regime, with oversight by the Central Bank of Russia. One of the legislative goals is to gradually transition the large volume of currently unregulated trading and custody activities into the formal financial system.
The Russian Ministry of Finance previously estimated that daily domestic cryptocurrency trading volume amounted to approximately 50 billion rubles, or about $640 million. Officials stated that a significant portion of this activity remains outside formal regulatory oversight.
The revised text removes the earlier requirement for token holders to report their wallet addresses, instead focusing on information such as balances and transaction volumes. Large transfers initiated to overseas entities or third parties may be delayed by up to 48 hours.
Domestic payments are still prohibited.
The law does not grant legal tender status to Bitcoin or other cryptocurrencies within Russia. Businesses and individuals are still prohibited from using cryptocurrencies for direct payment of ordinary goods and services, and the ruble remains the official unit of payment within the country.
However, in international trade scenarios, regulatory approaches have been relaxed. Under the new framework, Russian companies may use approved digital assets for certain cross-border settlements within a compliant system. Russia has previously tested the use of cryptocurrencies for foreign trade settlements under a pilot legal mechanism.
Anatoly Aksakov, Chairman of the State Duma’s Committee on Financial Markets, stated that industry feedback has been incorporated into the legislative process. He said prior to the final reading that companies supplying goods to Russia should be able to use cryptocurrencies for international transactions without incurring excessive legal barriers.
Banks have begun preparing services.
Before the new regulations officially take effect, several major Russian financial institutions have already begun preparing. Sberbank, the Russian Federal Savings Bank, plans to launch cryptocurrency wallets and digital asset custody services after the regulatory framework becomes effective, and is also evaluating the possibility of allowing clients to access overseas cryptocurrency exchanges.
VTB and T-Bank have announced plans to build digital asset custody infrastructure, and the Moscow Exchange has expressed interest in offering compliant crypto services. Alfa-Bank has already tested crypto trading among a limited group of qualified investors and plans to develop its own digital asset custody platform.
Transition arrangements to commence in September
According to the current schedule, the main provisions of the bill are expected to take effect on September 1, 2026. Following this, market participants will have a transition period until July 1, 2027, to complete registration, apply for licenses, and adjust their internal systems.
This timeline also aligns closely with Russia’s rollout schedule for the digital ruble. Russia plans to gradually introduce support for the digital ruble among major banks and large retailers, starting on September 1, 2026.
Additional information: Russia is also developing regulations for stablecoins, with one key focus being international settlement services. If subsequent procedures proceed as planned, exchanges, custodians, and brokers will be gradually incorporated into the new regulatory framework starting in September.