The ban on crypto payments in Russia may become less strict: amendments have been prepared for the second reading of the draft law on the regulation of digital currencies, which expand the list of situations where cryptocurrency can be used as a means of payment.
The State Duma’s Financial Market Committee has revised the draft law on cryptocurrencies. The new version allows for several scenarios:
- Payment for securities with digital assets in non-public transactions.
- Exchange of one cryptocurrency for another.
- Payment of fees for transfers within blockchain systems.
At the same time, Russia maintains a general ban on the use of cryptocurrency as a regular means of payment for domestic settlements. Violating this ban can result in operational restrictions and liability: there are penalty risks for illegal exchange organization, circumventing storage rules, and failing to declare income, and transactions related to criminal activity may result in criminal liability.
Cryptocurrency may get more legal scenarios, but it does not become a regular means of payment within Russia.
Putin’s Position on Cryptocurrency
Vladimir Putin has publicly spoken about cryptocurrency as a technology that cannot simply be eliminated by a ban, but must be integrated into regulation, taking into account risks to the financial system.
Who can ban Bitcoin? No one.
In this logic, cryptocurrency can be used in certain legal scenarios, but does not receive the status of a regular means of payment for domestic settlements: the ruble remains the base currency within the country.
Cryptocurrency for Securities and Exchange for Other Crypto
In the first reading, the draft law provided for only two exceptions to the ban. Now the list is proposed to be expanded, and it includes:
- Mining rewards.
- Settlements under foreign trade contracts.
- Securities transactions.
- Transactions with digital rights.
- Transactions with other digital currencies.
In the updated framework, digital currency can be used as consideration when purchasing securities, other digital currencies, and digital rights. In other words, a transaction in which cryptocurrency is used to pay for shares or bonds may become legal if it complies with the new law.
The use of digital currencies and digital rights as a means of payment is allowed for the payment of securities, other digital currencies, and digital rights, provided that the requirements of federal law are met.
An important restriction remains: such securities transactions cannot be conducted through a public offer. They will only be available in the format of non-public transactions. However, the exchange of one cryptocurrency for another within the legal Russian framework will be able to obtain a clear legal basis on a licensed platform.
P2P trading directly between private participants does not receive a separate free regime. After the launch of the new rules, the safe option for exchange will be to work through a licensed intermediary, and transactions bypassing the established procedure may be subject to restrictions.
It is also proposed to legalize the payment of fees in blockchain systems. In such settlements, blockchain works through cryptographic mechanisms for confirming transactions, and cryptography remains the basis for verifying the authenticity of records and the movement of assets.
Exchangers Will Leave the Gray Zone
The draft law also changes the rules for crypto exchangers. Companies that, on their own behalf, buy, sell, or exchange cryptocurrency with residents without the participation of an exchange or broker will have to be included in the Bank of Russia’s register if their turnover exceeds 3.5 million rubles per month.
For individuals, legal scenarios will depend on investor status and the transaction channel. Cryptocurrency can be considered for investment, storage, and exchange, but within the regulated framework: through licensed intermediaries and taking into account restrictions for unqualified investors. Foreign economic activity operations are not included in this calculation.
Only a Russian business entity will be able to operate in this status. For the second reading, a minimum capital threshold for exchangers was introduced: at least 15 million rubles according to the methodology applied to professional market participants.
The requirements for the software and technical infrastructure of exchangers and digital depositories will be established by the Bank of Russia in coordination with the FSTEC and the Federal Security Service. The central bank receives a key role in overseeing how exactly operations with digital assets will be conducted.
Which Cryptocurrencies Will Be Allowed on the Exchange
The criteria for admitting cryptocurrencies to public trading on the exchange have generally been preserved in the revised draft. For a cryptocurrency to be included in the list, it must meet the following requirements:
- Average capitalization over two years — more than 5 trillion rubles.
- Average daily trading volume over two years — 1 trillion rubles.
- Price history on a licensed foreign exchange — at least 5 years.
- The average trading volume of such a foreign platform — from 100 billion rubles.
Currently, only Bitcoin and Ether meet these conditions. At the same time, popular dollar stablecoins on the payment market may not fall under the Russian definition of digital currency. The reason is that, according to the draft, digital currency does not imply an obligated party to the holders, whereas issuers of such tokens support the rate and assume obligations to redeem them.
An important reservation appeared for the second reading: the board of directors of the Bank of Russia will be able to allow currencies that do not meet the three main criteria to be traded for up to 6 months. Thus, a currency in digital form may temporarily enter the market by a separate decision of the regulator.
The regime for qualified investors will be significantly broader. The trading organizer will be able to allow any cryptocurrencies outside the Bank of Russia’s list to organized trading, but such trading will not be considered public circulation of digital currencies. In fact, qualified investors will get almost unlimited access to the legal circulation of crypto assets within Russian regulation.
Special Regime, Clearing, and Crypto Loans
The Russian government, in agreement with the Bank of Russia and the FSB, will be able to introduce a special procedure for the circulation of cryptocurrencies if necessary to protect the constitutional order, economic interests, defense, and security of the country. This provision was not in the first version of the draft law.
On the contrary, the provision on the issuance of new digital currencies in the Russian information infrastructure has disappeared from the draft. It was about creating new units of cryptocurrency within the country, but by the second reading, this idea was excluded.
The role of clearing organizations has been described in more detail. If in the first reading they were mentioned only as a reference term, now they are included among the entities organizing the circulation of digital currencies. They are also allowed to be creditors for crypto loans and participate in settlements following exchange clearing.
The regime for cryptocurrency loans has also become more specific. Previously, the wording was mainly prohibitive: such loans could not be issued without a licensed intermediary. Now it is established that only a broker, trustee, exchanger, or clearing organization can be a creditor. An unqualified investor — an individual — will be able to repay the loan either in rubles or in cryptocurrency.
Taxes and Declarations on Cryptocurrency
Income from cryptocurrency transactions remains a tax issue: it must be accounted for and declared. For individuals, this primarily concerns income tax if a profit is made from the sale of cryptocurrency, investments, or mining. For companies, taxation depends on the status and regime in which the activity is conducted.
- Mining: income must be recorded upon receipt of the reward.
- Trading and investment: tax arises from the income received.
- Exchange and work through intermediaries: transactions must be carried out in compliance with accounting and reporting requirements.
Failure to declare income, illegal organization of exchange, and circumventing storage rules can lead to fines and additional inspections.
Sanctions and the Risk of Labeling Russian Cryptocurrency
In April 2026, the European Union adopted the 20th package of sanctions, which sharply increased pressure on the Russian crypto market. For the first time, a sectoral ban was introduced: citizens and companies under EU jurisdiction are prohibited from conducting any transactions with crypto providers and exchanges registered in Russia.
This created the risk of so-called cryptocurrency labeling. If a coin or address is associated with the Russian framework — an exchange, provider, or wallet — a foreign platform may automatically recognize such an asset as high-risk and block transactions with it. Against the backdrop of sanctions related to Ukraine, such checks are becoming a separate risk factor for the market.
There is no direct solution to this problem in the revised draft law. Within the country, the mechanism of digital analysis remains: coins and addresses are checked for links to criminal activity. At the same time, it is proposed to store cryptocurrency only in digital depositories under the supervision of the Bank of Russia, withdrawal to personal wallets is not allowed, and transfers are possible only to licensed foreign organizations. Many of them, in turn, comply with European sanctions requirements.
For market participants, this means that compliance, tax, and cross-border restrictions become as important as the technology itself. The positions of the Bank of Russia and possible approaches of the Ministry of Finance of the Russian Federation will be read together with the external restrictions of the EU and the practices applied by the US Department of the Treasury. The restrictions are explained not only by the internal ban on crypto payments but also by the tasks of combating money laundering, protecting the financial system, and fulfilling international requirements. The payment system for crypto operations in such conditions should take into account not only internal rules but also the risks of blockages abroad.
When the New Rules Will Take Effect
The main launch dates for the new rules are as follows:
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- September 1, 2026 — the main date for the law to take effect. In the first reading, July 1, 2026 was assumed, but for the second reading it was postponed.
- July 1, 2027 — rules on conducting cryptocurrency transactions only through licensed intermediaries, as well as restrictions on bank transfers in case of illegal organization of digital currency circulation, will begin to apply. A bank transaction bypassing the established regime may be subject to additional restrictions.
- September 1, 2027 — the section on protecting clients from transactions without their voluntary consent will come into force. Exchangers and digital depositories will have to counteract fraud and prevent unauthorized transactions with crypto assets.
