Russia’s State Duma Passes Crypto Bill With Bank of Russia Licensing Oversight

Russia’s State Duma passed a comprehensive crypto regulation bill in first reading on Tuesday, moving Moscow toward a system that channels crypto trading through licensed intermediaries under Bank of Russia oversight.

“Russia’s lower house of parliament passed a bill in its first reading on Tuesday that would create the country’s core legal framework for digital currency, moving Moscow closer to a system that channels crypto trading through licensed intermediaries under Bank of Russia oversight”

Bitbo

Cointelegraph said the draft bill is No. 1194918-8, titled “On Digital Currency and Digital Rights,” and that it passed its first reading in the State Duma “on Tuesday, according to official records.”

Bitbo

The same Cointelegraph report said the bill would allow Russians to buy and sell crypto through approved intermediaries as early as July, while banning unlicensed crypto platforms beginning in July 2027 “if the draft becomes law.”

Bitbo similarly described the bill as creating “the country’s core legal framework for digital currency,” and said it passed alongside a companion bill, No. 1194929-8, in the State Duma on Tuesday.

Decrypt and CoinMarketCap both emphasized that the legislation maintains restrictions on domestic cryptocurrency payments while carving out permission for cross-border use.

Decrypt also said the bill is expected to take effect July 1, 2026, pending second and third readings in the State Duma, Federation Council approval, and presidential signature.

Across the coverage, the Bank of Russia is repeatedly named as the licensing authority, with CoinMarketCap stating the bill “designates the Bank of Russia as the authority responsible for licensing and overseeing crypto activity in the country.”

The bill’s retail-access design centers on caps, testing, and eligibility for only the “most liquid digital currencies,” as defined by the Bank of Russia.

Cointelegraph said the legislation would introduce investment limits for retail investors, allowing purchases only of the “most liquid digital currencies,” and that those assets would have to meet thresholds including “an average market capitalization of more than 5 trillion rubles ($66.6 billion) over the two years before listing,” “average daily trading volume of more than 1 trillion rubles ($13.3 billion) over the same period,” and “a trading history of at least five years.”

bloomingbit

It also said the bill would require retail investors to pass a test and would cap purchases through a single intermediary at 300,000 rubles ($4,000) per year.

Bitbo and CoinMarketCap both described the same 300,000 rubles cap for non-qualified investors, with CoinMarketCap stating “Non-qualified investors would be capped at purchases of up to 300,000 rubles, approximately $3,900, worth of crypto.”

Decrypt and The Block both framed the bill as permitting cross-border crypto transactions while keeping domestic payments prohibited, with Decrypt saying the bill “maintain[s] restrictions on domestic cryptocurrency payments.”

The Block described the domestic payment prohibition as “prohibit[ing] the use of crypto for domestic payments but allow its use in foreign economic activities,” while also stating that “cryptocurrency is recognized as property.”

Bloomingbit likewise said the ruble remains the only legal means of payment within Russia while the bill “would continue to ban their use for domestic payments.”

A central feature across the reports is an exception that allows cryptocurrency use in foreign trade while keeping domestic payment rules intact.

“Non-qualified investors would be capped at purchases of up to 300,000 rubles, approximately $3,900, worth of crypto”

CoinMarketCap

Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, told reporters that “This allows Russian companies to use cryptocurrency to pay foreign counterparties, circumventing sanctions restrictions,” according to Decrypt.

CoinMarketCap similarly quoted Panesh saying, “This allows Russian companies to settle with foreign counterparties in cryptocurrency, bypassing sanctions restrictions,” and described the ruble as remaining “the only legal means of settlement inside the country.”

The Block also attributed the same rationale to Panesh, stating that “Panesh added that the ruble remains the only legal means of settlement in the country, but the bill creates an exception for the use of cryptocurrency in foreign trade,” and then quoting him: “This allows Russian companies to settle with foreign counterparties in cryptocurrency, bypassing sanctions restrictions.”

Decrypt said the bill creates an exception for cryptocurrency use in foreign trade and described it as “a regulatory pathway for international trade that circumvents conventional financial channels.”

Cointelegraph said the legislation “allows residents to buy crypto abroad through foreign accounts, provided those transactions are reported to tax authorities.”

CoinMarketCap said the foreign trade exception provides “a channel that operates outside dollar-denominated correspondent banking.”

While the first-reading vote advances the base framework, multiple reports describe uncertainty around criminal enforcement.

Cointelegraph said lawmakers introduced two separate measures establishing liability and criminal penalties for violations of the new rules, including bills No. 1194944-8 and No. 1209607-8, and said the latter proposes criminal penalties for unlicensed digital asset services and mandates registration with the Bank of Russia.

Cointelegraph

It then reported that the Supreme Court declined to support that measure in its current form, saying the proposal depends on a broader digital currency framework that has not yet been adopted and therefore appears premature.

Cointelegraph quoted the Supreme Court’s reasoning: “The proposed article is drafted as a blanket provision, the application of which is not possible in isolation from rules directly established by regulatory acts,” and added: “Meanwhile, the draft federal law ‘On Digital Currency and Digital Rights,’ aimed at regulating issues related to the organization of digital currency circulation, is currently under development.”

Bitbo and TradingView repeated the same Supreme Court language, with Bitbo saying the court “declined to support the criminal penalties bill in its current form” and that “Until the relevant federal law is adopted, the initiative in question appears premature.”

TradingView likewise said the Supreme Court declined to support the measure and included the same quote about the blanket provision and the draft federal law “currently under development.”

Cointelegraph also said local industry participants warned the legislation could backfire by pushing the sector further underground instead of bringing it out of the grey zone.

The bill’s timeline and the conditions for final adoption are laid out repeatedly, with multiple outlets pointing to July 1, 2026 as the expected effective date if the measure clears remaining steps.

“Russia’s State Duma passed the crypto regulation bill in its first reading”

Crypto Briefing

Decrypt said the legislation is expected to take effect July 1, 2026, pending second and third readings in the State Duma, Federation Council approval, and presidential signature.

Crypto Briefing

CoinMarketCap similarly said the legislation “still requires a second and third reading in the State Duma before advancing to the Federation Council and then to the president for signature,” and that “If it clears all stages without material revision, it is expected to take effect on July 1, 2026.”

The Block described the same sequence, stating the bill “still needs to pass second and third readings in the State Duma before advancing to the Federation Council and ultimately to the president’s desk for signing,” and that “If officially passed, the bill is expected to take effect on July 1, 2026.”

Bloomingbit also said the bill must pass second and third readings in the State Duma, then be approved by the upper house and signed by the president before becoming law, and that “If it receives final approval, it is set to take effect on July 1.”

Beyond the formal legislative steps, the reports also tie the bill to Russia’s broader sanctions and crypto usage environment.

Decrypt referenced a September 2025 report from blockchain forensics firm Elliptic that found “one Russia-linked network was connected to at least $8 billion in stablecoin transactions over an 18-month period,” and it described the network as specializing in “sanctions evasion as a service.”