The legalization of cryptocurrencies in Russia is moving into a practical phase: the State Duma has passed the bill “On Digital Currency and Digital Rights,” which is intended to establish basic rules for the crypto market and the circulation of digital financial assets. The document passed both the second and third readings at once and has been posted in the parliament’s electronic database.
What Lawmakers Adopted
By the second reading, which took place on July 16, a number of amendments were made to the bill. Compared to the previous version, the key changes affect several areas:
- Restrictions on money transfers.
- Requirements for mining.
- Other provisions for regulating the digital market.
This is an important step for industry participants: cryptocurrency, digital currency, and digital rights are getting clearer rules for circulation. The new framework affects not only investments, but also money movement, accounting for digital rights as assets in bookkeeping, the status of individuals when dealing with such instruments, and situations where a banking transaction may arise in practice.
When the New Rules Will Take Effect
The main part of the law is set to come into force on September 1, 2026. At the same time, some provisions will be launched later to give the market time to prepare for the new requirements.
- Effective date: July 1, 2027. Provision: rules on restricting money transfers will begin to apply.
- Effective date: July 1, 2027. Provision: the article on non-resident digital depositories will take effect.
- Effective date: September 1, 2027. Provision: certain technical regulations will take effect.
The technical provisions include:
- Rules for the issuance and circulation of digital financial assets.
- The procedure for interaction between information system operators and government agencies.
- Execution of requests and transfer of information.
- Requirements and restrictions for nominal holders of digital financial assets.
- Requirements and restrictions for depositories.
- Requirements and restrictions for persons maintaining records of digital rights.
Transition Period for Current Market Participants
Operators of digital financial asset exchanges already active in the market will be able to temporarily continue their activities under the old rules. This transition period is set until March 1, 2027. This applies to the Moscow Exchange and the SPB Exchange.
This decision is intended to reduce the burden on current players and give them time to adapt their processes to the new standards. For the digital asset market, regulatory consistency is especially important: this field brings together the interests of investors, issuers, infrastructure organizations, and regulators.
In a broader context, the discussion of digital assets is linked to the positions of institutions such as the Bank of Russia, the Central Bank, and the Ministry of Finance of the Russian Federation. The agenda is also influenced by the external environment: sanctions related to Russia’s invasion of Ukraine, the European Union’s approach to regulating digital instruments, and Japan’s experience. For businesses, important issues remain operational risk insurance and clear asset accounting.
The new bill does not complete the market’s setup but provides clearer guidelines for it. If the timeline is maintained, the key rules will take effect in 2026, and the most complex regulatory elements will be introduced gradually in 2027.
