Key Highlights Russian parliament finalizes comprehensive digital asset legislation for presidential approval. Framework establishes licensing requirements for exchanges, brokers, and custody
Russian parliament finalizes comprehensive digital asset legislation for presidential approval.
Framework establishes licensing requirements for exchanges, brokers, and custody providers.
Domestic payment prohibition remains while cross-border commercial use gains authorization.
Major financial institutions develop cryptocurrency services ahead of implementation.
Comprehensive market structure scheduled for September 2026 effective date.
The Russian State Duma has successfully passed comprehensive cryptocurrency legislation through its final parliamentary stages, marking a pivotal development in the nation’s approach to digital assets. This legislative package establishes a complete regulatory structure governing cryptocurrency businesses and authorizes specific digital asset applications in international commerce. Following lower house completion, the bill advances to President Vladimir Putin’s desk for final consideration.
During Tuesday’s parliamentary session, the State Duma passed Bill No. 1194918-8 through both second and third reading procedures. This comprehensive legislation outlines operational requirements for cryptocurrency exchanges, brokerage firms, custody services, portfolio management entities, and additional digital asset intermediaries. Central oversight authority falls under the Bank of Russia’s jurisdiction.
The legislative package mandates licensing protocols for entities conducting business within the country’s cryptocurrency sector. This structured approach replaces the predominantly unregulated marketplace conditions that previously existed. The framework additionally establishes operational benchmarks for organizations delivering cryptocurrency-related services.
Russia maintains its prohibition against using cryptocurrencies for purchasing domestic products and services through this new legislation. However, the law permits authorized digital assets for designated international trade transactions. Businesses may utilize cryptocurrencies for cross-border settlements within established regulatory parameters.
The measure now advances to President Vladimir Putin for executive approval before achieving legal status. The Federation Council must conduct its examination before concluding the final authorization sequence. Primary provisions commence September 1, 2026, with an adjustment phase extending through July 1, 2027.
Russian authorities aim to channel cryptocurrency trading through supervised financial systems via licensed intermediaries. Current domestic trading volumes approach approximately 50 billion rubles, equivalent to roughly $640 million, on a daily basis. Government representatives anticipate enhanced monitoring capabilities throughout the digital asset marketplace.
Individual investor access remains governed by established transaction thresholds within the approved structure. Non-accredited purchasers may acquire authorized cryptocurrencies valued up to 300,000 rubles annually through licensed service providers. Accredited investors will access elevated thresholds according to distinct regulatory criteria.
Legislators eliminated a previous provision mandating wallet address reporting from cryptocurrency owners. Companies will instead submit data regarding account balances and trading activity. Certain substantial international transfers may encounter processing delays extending to 48 hours under compliance protocols.
The ruble retains its exclusive status as Russia’s sole authorized domestic transaction currency. Commercial entities cannot accept Bitcoin or alternative cryptocurrencies for routine payments within national borders. Authorized digital assets may facilitate international business settlements through regulated mechanisms.
Leading banking institutions have initiated cryptocurrency service development ahead of the framework’s activation. Sberbank intends to launch digital asset custody solutions and crypto wallet functionality following implementation. The institution may offer access to international cryptocurrency platforms within approved guidelines.
VTB, T-Bank, and Moscow Exchange have similarly declared intentions supporting regulated cryptocurrency offerings. Alfa-Bank has conducted cryptocurrency trading trials with a select group of qualified users. The financial institution plans to establish its digital asset depository following regulatory authorization.
This deployment corresponds with Russia’s comprehensive digital finance initiative. The nation plans to broaden digital ruble accessibility from September 1 through staged implementation. Leading banks and major retail operations will progressively adopt the central bank digital currency under distinct regulations.
Russia has additionally examined regulations governing fiat-collateralized stablecoins for international settlement purposes. The expansive cryptocurrency framework represents a substantial regulatory transformation toward licensed digital asset operations. Trading platforms, brokerage firms, custody providers, and associated enterprises will function within formal legal boundaries following remaining authorization phases.
The post Russia’s State Duma Passes Major Cryptocurrency Legislation, Awaits Putin’s Signature appeared first on Blockonomi.
