TLDR
- Russia’s State Duma passed the crypto bill in its first reading by 327 votes.
- The bill would let licensed intermediaries offer legal crypto purchases from July 1, 2026.
- Domestic crypto payments would stay banned, but foreign trade use would be allowed.
- P2P crypto transactions would face a ban from July 1, 2027 under the proposal.
- The Bank of Russia would regulate market access, oversight, and withdrawal limits.
Russia’s State Duma has moved a government-backed crypto bill forward in its first reading. The proposal would regulate digital currency trading and begin a phased move away from peer-to-peer transactions. Lawmakers approved the draft with 327 of 340 deputies voting in favor. The bill now heads to the next stages of the Russian legislative process.
Bill sets new rules for Russia’s crypto market
The draft law is titled “On Digital Currency and Digital Rights.” It was submitted by the government on April 1. The bill creates five regulated groups in the market. These include exchanges, brokers, management companies, depositories, and exchangers.
The proposal sets rules for how crypto can be stored, traded, and exchanged. It also defines who can enter the market and under what conditions. The Bank of Russia would oversee admissions, supervision, and market control. That would place the central bank at the center of the new system.
The bill also treats digital currency as property under Russian law. At the same time, it keeps the ban on using crypto for domestic payments. Still, it allows crypto use in foreign economic activity. That creates a split between local payments and cross-border settlements.
Only licensed professional participants would be able to organize market activity. A simpler approval path would apply to firms already working in the Bank of Russia’s legal regime. Banks and brokers could also get simplified authorization. That could speed up entry for existing financial firms.
Investor access and crypto withdrawals face tighter controls
The bill divides investors into qualified and non-qualified groups. Non-qualified investors would face transaction limits and testing rules. Qualified investors would have broader access to the market. The proposal says this approach is meant to reduce retail risk.
From July 1, 2026, citizens and businesses could legally buy crypto through licensed intermediaries. However, only large and established cryptocurrencies could reach organized exchange trading. Eligibility would depend on market value, trading volume, and operating history. That would narrow the list of assets on regulated venues.
The proposal also creates a digital depository for crypto holdings. Withdrawals would be limited to licensed foreign institutions. Transfers to personal wallets would be excluded under the model. The Bank of Russia would also have the power to set withdrawal limits.
The bill adds limits on crypto lending without licensed intermediaries. That rule would apply to Russian currency residents, including in cross-border cases. Mining would also become a legal activity under clear rules. Equipment and mined currency would need registration.
P2P phaseout moves in stages as bill advances
The proposal does not end peer-to-peer transactions at once. Instead, it sets a phased schedule. P2P transactions would remain formally legal until July 1, 2027. After that date, transactions without intermediaries would be banned.
Before that deadline, earlier controls would begin in 2026. These include payment-blocking systems and blacklist mechanisms. Those tools would support the wider shift toward licensed channels. As a result, direct user-to-user activity would face growing pressure before the final ban date.
The bill must still pass two more readings in the State Duma. After that, it must go to the Federation Council. It would then need the president’s signature. Russian state media said the law would come into force on July 1, 2026, if approved.
RBC reported that the bill passed its first reading, while TASS said it is set to take effect on July 1, 2026. For now, lawmakers have two weeks to submit amendments. The second reading will decide the bill’s detailed language. The third reading will be the final vote on the full text.
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