The Central Bank of Russia will become the main “filter” on the country’s regulated crypto market — these rules have been approved by lawmakers in Moscow.
The regulator will issue licenses to market participants, allow or prohibit crypto transactions, and essentially determine what can be considered legal and what cannot.
Russian Parliament Approves Legalization of Cryptocurrency
On Tuesday, the State Duma approved in the first reading the draft law “On Digital Currency and Digital Rights.”
The document was supported by 327 deputies. In essence, it legalizes cryptocurrency in Russia and sets the rules for its circulation.
The law also applies to everyone working with digital assets. This includes exchanges, brokers, banks, depositories, and other intermediaries.
The Central Bank of Russia will oversee this market. It will also handle licensing for participants.
In addition, the Central Bank will have the right to set requirements for banks working with crypto. The regulator will also be able to restrict operations with certain coins for non-bank companies and decide which transactions are considered legal.
Cryptocurrency to Be Recognized as Property, but Domestic Payments Will Be Banned
The authors of the bill want to recognize cryptocurrency as property. This approach is already used in other Russian laws.
At the same time, paying with crypto within the country will not be allowed. The only legal means of payment remains the ruble, including its digital version.
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However, cryptocurrency can be used for external settlements. This primarily concerns businesses working with foreign partners amid sanctions.
The list of permitted operations includes settlements for securities and digital rights, payment for services and labor, as well as the transfer of information and intellectual property, according to Russian Forbes.
Russians Will Be Allowed to Legally Invest in Cryptocurrency
The law must be adopted no later than July 1, 2026. Before the second reading, which will take place in the coming weeks, amendments may still be made.
After that, even ordinary users will be able to legally purchase cryptocurrency. This will need to be done through licensed intermediaries.
Investors will be divided into two categories: qualified and non-qualified. The latter will have to pass a test before entering the market, according to Kommersant.
An annual purchase limit for crypto will also be introduced for them. The exact amount has not yet been named, but the Central Bank proposes a limit of 300,000 rubles, which is less than $4,000.
At the start, access will be opened only to the largest and most liquid coins. To enter the market, an asset must meet several conditions:
- Average capitalization above 5 trillion rubles over the past two years
- Daily trading volume over 1 trillion rubles for the same period
- Trading history of at least five years
Most likely, this refers to BTC, Ethereum, Solana, BNB, TRON and several other major projects. The final list will be approved by the Central Bank of Russia.
The Law Is Criticized for Being Too Strict
At the beginning of April, the draft law “On Digital Currency” was discussed by two parliamentary committees. Both proposed amendments, according to RBC.
The Competition Protection Committee believes that requirements for market participants should be relaxed. Rules that are too strict could simply break the very idea of the law.
One of the document’s goals is to bring the crypto market out of the shadows. But deputies fear that the opposite will happen. In its current form, people and companies could simply remain in the gray zone.
Banks have also spoken out. They propose easing regulation and allowing more cryptocurrencies on the market.
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The Financial Markets Committee has a different focus. They insist that crypto asset owners should receive judicial protection, even if they did not report them to the tax authorities. This is also intended to apply to non-custodial wallets.
The law itself is part of a broader package. Amendments have been added introducing criminal liability for illegal crypto operations.
The penalties are serious. Fines can reach up to 1 million rubles, which is more than $13,000. In some cases, the term can be up to seven years.
