Russia’s State Duma is poised to hold its final two votes on the nation’s first comprehensive cryptocurrency law on Tuesday. The legislation, titled “On Digital Currency and Digital Rights,” aims to establish a regulatory framework for digital assets, including a licensing system for crypto exchanges, brokers, and custodians. The Bank of Russia will oversee permit issuance and has the authority to prohibit cryptocurrencies deemed a threat to financial stability.
Following Duma approval, the bill requires Senate endorsement and President Vladimir Putin’s signature. Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, estimates this process will take about two more weeks. The law is scheduled to take effect on September 1, a shift from the original July 1 target, reportedly due to coordination challenges among government agencies.
The new regulations outline specific criteria for eligible cryptocurrencies. To be traded legally in Russia, a digital asset must have a market capitalization exceeding 5 trillion rubles (approximately $65 billion) and at least five years of verified trading history on a licensed foreign exchange. Currently, only Bitcoin and Ethereum meet these stringent requirements. Alexandra Fedotova, a lawyer observing the legislation, indicated that SOL or TON might be considered for an official list of approved cryptocurrencies, though this remains uncertain.
Investor access will also be restricted. Regular investors face an annual purchase limit of 300,000 rubles (around $3,800) through a single licensed intermediary. Professional investors are exempt from this annual cap but are prohibited from acquiring privacy coins—cryptocurrencies designed to obscure transaction data and wallet addresses. Monero (XMR), Zcash (ZEC), and Dash are explicitly named as prohibited.
The law permits cryptocurrency use for international trade, enabling Russian companies to pay foreign partners and potentially circumvent sanctions. However, cryptocurrency remains ineligible for domestic payments within Russia, where the ruble is the sole legal tender.
Major financial institutions are preparing for the evolving landscape, with VTB and T-Bank announcing plans to develop crypto depositories. Unlicensed cryptocurrency platforms will face a complete ban starting July 1, 2027.
This regulatory push follows years of Western sanctions against Russia, intensified after the 2022 invasion of Ukraine, and an EU ban on crypto transactions with Russian entities in February. In August 2024, President Putin signed a crypto mining law, positioning Russia as the world’s second-largest Bitcoin producer after the United States, according to the Hashrate Index for 2026. The digital currency law further solidifies this regulatory picture by establishing rules for trading and settlement.
Why This Matters
The materials describe a narrow update: Russia’s State Duma is set to hold its final two votes on a comprehensive cryptocurrency law. The exact list of cryptocurrencies beyond Bitcoin and Ethereum that may be permitted for trading.
Broader Context
Source materials place the factual news in this context: Russia’s State Duma, the lower house of its legislative body, takes its final two votes on the country’s first comprehensive cryptocurrency law on Tuesday.
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