The State Duma has passed a law that regulates the circulation of cryptocurrencies in Russia and sets rules for market participants, investors, and companies engaged in foreign economic activity. The main provisions will take effect on September 1, 2026.
The document, titled “On Digital Currencies and Digital Rights,” defines who can work with digital currency, what restrictions will apply to investors, and in which cases cryptocurrency can be used in settlements. The law is nearly 300 pages long and introduces a new regulated infrastructure for the market.
Who Can Work With Digital Currency
The law identifies five types of regulated crypto market participants. Both qualified and non-qualified investors will be able to conduct transactions with digital currencies through them.
- Exchanges — platforms for buying and selling digital currencies within the regulated market.
- Brokers — intermediaries through whom investors can conduct transactions.
- Management companies — participants who can work with digital instruments for clients.
- Depositories — part of the infrastructure for accounting digital instruments.
- Exchangers — new regulated players for digital currency operations.
Individuals and companies will be able to buy and sell digital currency, but the conditions will differ. Non-qualified investors will need to pass a test: after that, they will be able to purchase the most liquid digital currencies for up to 300,000 rubles per year through a single intermediary. Qualified investors will also have to pass a test, but there will be no limit on the amount for them, and the list of available digital currencies will be broader.
The Bank of Russia clarified that transactions will take place through regulated infrastructure. This will include existing financial organizations and new players, including crypto exchangers and digital depositories. Transactions can be conducted through brokers and management companies, including on organized trading platforms.
For platforms at the level of the Moscow Exchange, this means:
- working through regulated intermediaries;
- conducting transactions on organized trading platforms;
- complying with new legislative requirements for the organized circulation of digital instruments.
Sale of Cryptocurrency and Conversion to Rubles
Legal sale of digital currency will be tied to regulated infrastructure. For private investors, the key path is transactions through intermediaries: brokers, management companies, exchanges, or exchangers that are authorized to operate under the new rules.
- Non-qualified investors will be able to sell and buy digital currency after testing, but purchases will be limited to 300,000 rubles per year through a single intermediary.
- Qualified investors will be able to operate without an amount limit, but also after testing.
- Companies engaged in foreign economic activity will be able to use digital currency in cross-border settlements without limits.
Information about digital currency accounted for outside the country must be reported to tax authorities.
Domestic Payments Will Remain Prohibited
The Central Bank separately emphasized: it is still not allowed to pay for goods and services with cryptocurrency within Russia. In other words, digital currency receives regulated status as an investment and settlement instrument, but does not become a full-fledged means of payment in the domestic market.
The basic logic for individuals and companies will be as follows:
- it is allowed to buy and sell digital currencies through regulated market participants;
- it is allowed to exchange digital currencies for securities and digital instruments issued under Russian law;
- it is prohibited to pay for goods and services with cryptocurrency within Russia;
- separate rules for cross-border settlements are provided for exporters and importers.
At the same time, investors will be able not only to buy and sell digital currencies. The law opens up the possibility of exchanging them for securities and digital instruments issued under Russian law. In this model, securities and digital rights become part of a single regulated financial environment.
Foreign Economic Activity and Cross-Border Settlements
The rules will be more lenient for exporters and importers. Companies will be able to use cryptocurrency in cross-border settlements without limits. Such transactions will be allowed both through intermediaries and directly, for any wallets and digital currencies.
This section makes the law important for foreign trade. Against the backdrop of restrictions intensified by sanctions due to Russia’s invasion of Ukraine, digital currency is seen as one of the ways to support settlements with foreign counterparties. In this context, state policy, determined in part by President Vladimir Putin, is aimed at finding workable mechanisms for foreign economic activity.
Russian citizens will also be able to conduct transactions with digital currency abroad, but only through foreign bank accounts. In addition, cryptocurrency purchased in Russia can be transferred abroad through regulated intermediaries. Information about digital currency accounted for outside the country must be reported to tax authorities.
What Will Change for Digital Rights and Market Participants
The law also develops the regulation of Russian digital rights. They will be allowed to be issued not only on the platform of the information system operator, as is currently the case, but also on public networks. Transactions with digital financial assets can be conducted through intermediaries and on organized trading platforms.
For private investors, this expands access to digital instruments, and for issuers, it creates additional opportunities to raise funds. At the same time, market participants are given time to adapt: the transition period will last until July 1, 2027. During this time, companies must obtain licenses and bring their operations in line with the new requirements.
The executive director of the Russian Association of Crypto Economy, Artificial Intelligence and Blockchain, Alexander Brazhnikov, previously noted:
The law primarily appears to be an instrument to support foreign economic activity. It expands legal opportunities for investors, but in its current form does not eliminate all risks and requires careful application.
{
“@context”: “https://schema.org”,
“@type”: “Article”,
“about”: [
{
“@type”: “Thing”,
“name”: “Cryptocurrency”
},
{
“@type”: “Place”,
“name”: “Russia”
},
{
“@type”: “Organization”,
“name”: “Bank of Russia”
},
{
“@type”: “Organization”,
“name”: “State Duma”
},
{
“@type”: “Organization”,
“name”: “Moscow Exchange”
},
{
“@type”: “Person”,
“name”: “Vladimir Putin”
},
{
“@type”: “Thing”,
“name”: “Security”
}
]
}
