The State Duma has passed in the first reading a bill that forms the basic model for regulating digital assets in Russia. The document envisions moving trading into a licensed environment under the control of the Bank of Russia. At the same time, measures are being discussed that could introduce criminal liability for violations of the new rules.
The very structure of the law shows where the market is heading. The state does not ban operations directly, but seeks to fully control the infrastructure and channels of access to assets.
The Market Is Being Moved Under the Control of Intermediaries
The key idea of the bill is to allow operations with digital assets only through approved platforms. Starting in July 2026, citizens will be able to buy and sell assets through licensed intermediaries. Unlicensed services may be banned starting in 2027.
This changes the very logic of the market. Instead of a distributed model with direct access to platforms, a centralized system with points of control is being formed.
Restrictions for Retail Investors Are Tightening
The law introduces strict requirements for assets available to retail investors. Only the most liquid instruments that meet high thresholds for capitalization, turnover, and duration of existence will be available for purchase.
In addition, investors will need to pass a test, and the annual investment limit through a single intermediary will be 300,000 rubles. This restricts access to the market and reduces the share of retail capital in riskier segments.
The Possibility of Circumvention Remains, but With Reporting
At the same time, the law leaves a window for operations outside the country. Citizens will be able to buy digital assets through foreign accounts if such transactions are declared to the tax authorities.
In fact, this is a compromise. Completely closing access to the global market is difficult, so the state is betting on control through reporting.
The Ban on Payments Remains
One of the basic principles does not change. The use of digital assets as a means of payment within the country remains prohibited, as in previous legislation.
This confirms the regulator’s general approach. Assets are considered an investment tool, but not an alternative to the national currency.
Criminal Measures Still in Question
In parallel with the basic law, initiatives introducing liability for violations are being considered. One of the bills provides for fines and criminal penalties for operating without a license and failing to meet registration requirements.
However, the Supreme Court did not support this initiative in its current form. In its assessment, it is premature to introduce sanctions until the main law that defines the rules of the market is adopted.
The Market May Go Underground
Some industry participants are already warning about possible consequences. A strict regulatory model may not lead to full legalization of the market, but rather strengthen its move into the gray zone.
Such dynamics have already been observed in other jurisdictions. When requirements become too strict, some users and services simply leave the regulated space.
What’s Next?
The first reading is only the initial stage. The law must go through further approvals, after which the final regulatory model will become clear. The timing and format for introducing criminal liability remain open questions.
For now, the situation looks like this: Russia is moving toward a centralized market model with strict infrastructure control. How workable it will be will depend on the balance between regulation and user access to global markets.
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