Russia takes decisive step in crypto regulation

This Tuesday, July 21, 2026, Russia is preparing to take a new step in the regulation of digital assets. The State Duma is in fact beginning the final reading of a bill which will regulate investors, crypto platforms as well as cross-border payments. Analysts already see it as a double-edged strategy: attracting foreign capital without relaxing control of the domestic market.

A reform that promises legal status to crypto assets

Filed by the Russian government on April 1, 2026, the bill n° 1194918-8 is entitled “On digital currency and digital rights”. It passed its first reading on April 21, 2026 with 327 votes in favor out of 340 voters. This was followed by validation by the Duma financial markets committee, chaired by Anatoli Aksakov in early July. This Tuesday, July 21, it will go through second and third readings with a view to a final vote.

Already, crypto analysts are drawing attention to two key elements:

• The new law legally qualifies cryptocurrency as heritage property and not legal tender.
• It also officially recognizes crypto-assets as property rights while entrusting supervision of the sector to the Bank of Russia.

In other words, the ruble remains the only legal tender currency in Russia. Furthermore, it is entirely possible (and legal!) to hold bitcoin, Ether or any other crypto asset. Russians will even be able to buy or sell digital assets. However, they will not have the right to use it to pay for a current purchase.

For some crypto experts, the reading of this bill is therefore clear: Russia considers digital assets as financial instruments rather than as a currency.

The Russian crypto market on the cusp of change?

Bill No. 1194918-8 classifies crypto investors in two categories :

• qualified;
• unqualified.

The first is a status regulated by Article 51.2 of the Federal Law “On the Securities Market” (Law No. 39-FZ). To obtain it, you must meet at least one of the following criteria:

• wealth or financial assets exceeding a certain threshold (of the order of several million rubles, the threshold having been raised by the Bank of Russia in 2025);
• proven professional experience in financial markets;
• a specific diploma or certification recognized by the Bank of Russia;
• or, for legal entities, size criteria (equity, turnover) which make them de facto institutional players (insurers, management companies, investment funds, etc.).

The second includes the vast majority of individuals. If the new crypto law is passed, the latter will see their investments capped at 300,000 rubles per year when purchasing crypto assets through a regulated intermediary. That’s between $3,800 and $4,000. As for international transfers, the annual limit is 100,000 rubles.

For their part, qualified investors will benefit from a more flexible regime. According to RBCthey will be able to:

• acquire up to 3 million rubles of cryptocurrencies per year;
• transfer up to 1 million rubles abroad.

Another key element: the absence of purchase limits.

The crypto law also provides for strengthening the control of intermediaries

The reform requires a license from the Bank of Russia to all crypto exchanges. The same goes for brokers, depositories and other intermediaries. Licensed platforms could even act as tax agents. In other words, they will have the right to directly withhold income tax from crypto investors. Unauthorized exchanges could be banned from July 2027. This date corresponds to the entry into force of the new crypto law in the event that it is approved by the Duma.

As for mining, it remains under the supervision of the Federal Tax Service and not the Bank of Russia. This distinction reflects the legalization of mining by a law signed by Vladimir Putin in 2024.

One important technical detail: The bill dropped an initial requirement to disclose individual wallet addresses. Reporting will focus on balances and transaction flows.

Decryption: the private crypto wallets could interact with Russian licensed infrastructure. However, the rules of application remain to be specified. The text does not name any specific crypto (neither Bitcoin, nor Ethereum, nor stablecoin). Which leaves the door open to any digital currency deemed useful for foreign trade.

A fully supported crypto strategy

Analysts agree on one point: the timing of the Russian Parliament is not trivial. Since 2022, Western sanctions have systematically cut Russia off from traditional financial infrastructure. In particular, reference is made to the exclusion of certain Russian establishments from the SWIFT network. The bill thus constitutes a response to a structural constraint: making cross-border payments when conventional channels are blocked.

That’s not all! The Duma vote also comes at a time of global regulatory convergence. In the United States, the CLARITY Act is gaining ground in Congress. In Europe, the MiCA standard is in full implementation. In Asia, Singapore, Hong Kong and Japan are refining their frameworks. For its part, Russia chooses a distinct path: not crypto integration into an existing financial marketbut its transformation into an infrastructure of monetary sovereignty.

For investors, this means two things:

• On the one hand, cross-border legalization reinforces bitcoin’s status as a neutral, borderless asset.
• On the other hand, the concentration of liquidity in the hands of state operators and the risks of sanctions limit the immediate appeal.

One thing is certain: through its approach, Russia reaffirms its desire to integrate crypto-assets into its financial architecture. The next step to watch closely: the publication of the implementing texts of the Bank of Russia.