Crypto News: Russia Passes Crypto Law for Exchanges, Banks and Foreign Trade

Russia’s State Duma approved a broad cryptocurrency-market bill in its second and third readings on July 21. The legislation establishes rules for regulated intermediaries, investor access and digital-currency transactions under Bank of Russia supervision. It is scheduled to take effect on Sept. 1, 2026, although market participants will have until July 1, 2027, to obtain licenses and comply with the new requirements. The Federation Council must still review the bill before it can proceed to President Vladimir Putin for signature.

Crypto News: New Rules Cover Market Firms

Bill No. 1194918-8, titled “On Digital Currency and Digital Rights,” creates a formal system for companies that provide crypto services in Russia. Licensed exchanges, brokers, custodians, trading platforms, and other financial firms must register and follow central bank rules. The structure aims to move more trading and custody activity into regulated channels.

Russia’s Finance Ministry estimates that domestic crypto trading reaches about 50 billion rubles, or nearly $640 million, each day. Much of that activity currently operates outside the formal financial system. Under the new rules, companies must meet licensing, reporting, and operational standards before they can serve investors or hold client assets.

Lawmakers completed months of revisions after the Financial Market Committee backed the updated text before the July 21 vote.

Investor Limits Shape Retail Access

The legislation sets limits for non-qualified investors who buy approved cryptocurrencies through regulated intermediaries. Regulators will allow retail users to purchase up to 300,000 rubles worth of approved digital assets each year. Qualified investors will receive broader access under separate conditions from the Bank of Russia.

Lawmakers removed an earlier plan that required crypto holders to disclose wallet addresses. The revised version focuses on account balances and transaction volumes instead. Authorities may delay some large transfers abroad or transfers to third parties for up to 48 hours when additional checks apply. Crypto news coverage has closely followed these investor safeguards and reporting rules.

Foreign Trade Rules Expand Crypto Use

The law keeps the ruble as Russia’s only domestic payment unit. It prohibits companies and consumers from using Bitcoin or other cryptocurrencies to pay for ordinary goods and services inside the country. The restriction separates domestic payments from regulated investment, trading and custody activity.

Crypto news around the bill has focused on its cross-border trade rules. Russian businesses can use approved digital assets for certain cross-border payments through licensed providers. Russia has already tested crypto settlements for international trade under a special legal regime, as sanctions make access to overseas banks and traditional payment systems more difficult.

Banks Prepare for September Rollout

Major Russian banks are preparing products for the regulated market. Sberbank plans to launch a crypto wallet and digital asset custody services after the framework takes effect. The lender is also reviewing possible client access to foreign crypto exchanges, depending on the final licensing rules. VTB and T-Bank are developing custody infrastructure.

Alfa-Bank has tested crypto trading with a limited group of eligible investors and plans to build a digital asset depository. Moscow Exchange has also shown interest in regulated crypto services. The main framework takes effect on Sept. 1, 2026, while market participants have until July 1, 2027, to register, secure licenses, and update their systems.

The timing overlaps with Russia’s wider digital finance program. The country plans to expand the digital ruble from Sept. 1, with major banks and large retailers joining in stages. Policymakers are also working on separate stablecoin rules, mainly for international settlements and regulated trade activity.

The State Duma vote clears the bill’s main lower-house stage. The Federation Council must approve the text before Putin can sign it into law. After that approval, the Bank of Russia can publish detailed operating requirements for exchanges, banks, brokers, custodians, and other registered market participants.