The cryptocurrency law in Russia, which sets the rules for the issuance and circulation of digital currencies, may come into effect on Sept. 1, 2026. This was announced at the Bank of Russia Financial Congress by Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market.
Regulation Launch Date Shifts
According to Anatoly Aksakov, digital currency will be legalized and the procedures for working with it will receive full regulation. Initially, the bill proposed a different launch date—July 1, 2026—but now September is being discussed.
We will definitely legalize digital currency, the regulatory process will be established, and from Sept. 1 of this year the law will come into force.
Anatoly Aksakov also clarified that some provisions on liability for violations in this market, including issues related to amendments to the Administrative Code, Criminal Procedure Code, and Criminal Code, will be considered by the next convocation of the State Duma. This may include how criminal liability will be defined for failure to comply with requirements for the circulation of digital currency.
What Will Change for Citizens and Companies
Bill No. 1194918-8, which creates a legal framework for the circulation of digital currencies in Russia, was passed in the first reading on April 21. After the law comes into force, citizens and companies will be able to legally purchase cryptocurrency through intermediaries with a license or special status.
The list of such intermediaries is as follows:
- Exchangers from the Central Bank register — to operate legally, they need status in the Central Bank register; the regulator is the Central Bank.
- Brokers — will be able to operate legally if they have the appropriate status and comply with the regulator’s requirements.
- Trust managers — must also meet the regulator’s requirements for operations with digital currencies.
This means that a regular online digital currency exchange service or exchange will not be able to operate legally without the appropriate status and compliance with the regulator’s requirements.
At the same time, paying with cryptocurrency within the country will still be prohibited. The ban applies to domestic settlements: cryptocurrency will not become a means of payment for goods, services, or obligations between participants in the Russian market. Liability for violating the rules for the circulation of digital currency should be established by separate amendments to the Administrative Code, Criminal Code, and Criminal Procedure Code.
Why Amendments on Liability Matter
The Bank of Russia previously expected the law to come into force on July 1. The Central Bank planned to prepare the necessary regulations in the third quarter so that the first legal cryptocurrency transactions could take place in the fourth quarter.
The Ministry of Finance also allowed for a slight delay in the adoption of the bill. Alexey Yakovlev, director of the Ministry of Finance’s financial policy department, spoke of a slight postponement related to the document’s passage through parliamentary procedures.
Simultaneously with the main project, a separate block of amendments on liability was submitted to the State Duma:
- Amendments to the Administrative Code No. 1194944-8.
- Changes to the Criminal Code No. 1193493-8.
- Changes to the Criminal Procedure Code No. 1193493-8.
These documents are intended to establish liability for violating the rules for the circulation of digital currency, but they have not yet passed the first reading.
The new rules affect not only the purchase of cryptocurrency, but also how such assets are reflected in company accounting. Possible sanctions for violations should be linked to separate amendments on liability. For financial sector participants, this is especially important: brokers and managers already operate under logic similar to the securities market, where a security, transaction accounting, and client money control require strict procedures.
The proposed regulation also maintains a distinction between digital currencies and traditional financial instruments. Cryptocurrency is not equated with means of payment within the country, and its circulation will go through controlled infrastructure. This framework may also be affected by external restrictions, including sanctions related to Russia’s invasion of Ukraine, so for financial authorities, the Bank of Russia, the Ministry of Finance, and the Government of the Russian Federation, the issue of transparent rules remains fundamental.
