Russia has moved a crypto regulation bill forward after approval by the State Duma Financial Markets Committee, opening the door to broader but still limited use of digital assets. Under the latest version, investors would be allowed to use digital assets to buy securities outside public offerings, while the bill also establishes a legal basis for crypto-to-crypto swaps and for paying transfer fees on blockchain networks with crypto.
The text still keeps a clear boundary in place. The Russian ruble, including the digital ruble, remains the country’s only official payment instrument, though earlier exemptions for mining rewards and sanctioned international trade had already been written into the framework, and the new amendments expand those carve-outs.
Listing thresholds remain high for regulated markets
The basic requirements for cryptocurrencies to be listed on regulated Russian markets have not changed. A digital asset must show an average market value above 5 trillion rubles over the past two years, average daily trading volume above 1 trillion rubles, and at least five years of trading history on a licensed foreign platform.
By those measures, only leading assets such as Bitcoin and Ethereum currently qualify. Even so, the revised bill gives the Board of Directors of the Bank of Russia the power to approve cryptocurrencies that do not meet all three standards.
Definition may exclude major stablecoins
The bill’s wording on what counts as a digital currency could leave out major stablecoins. It says a digital currency should not have a mandatory issuer, a definition that may prevent assets such as Tether’s USDT and Circle’s USDC from qualifying under the law.
Professional investors get wider access
Trading platform operators would be able to offer almost any cryptocurrency to professional investors without prior approval from the central bank. Retail investors, or non-qualified investors, would still face tighter limits and could buy only highly liquid crypto assets that have been pre-approved by the monetary authority.
Under the earlier setup, this group could purchase no more than 300,000 rubles worth of cryptocurrency per year and only through a single intermediary. The updated rules loosen access to some extent, since in practice only highly qualified investors in Russia have been able to acquire digital assets under the current structure.
Licensing rules would cover exchanges and custodians
The draft law also creates a licensing regime for service providers including exchanges, brokerages, custodians, and depositories. Intermediaries and portfolio managers would be allowed to transact with foreign exchanges as well, linking the Russian crypto market to global trading venues.
Financial Markets Committee Chair Anatoly Aksakov said the committee had approved the bill. Draft law 1194918 8 was initially expected to take effect on July 1, but amendments pushed the implementation date to September 1. The measure now awaits approval by the Federation Council and the signature of Russian President Vladimir Putin before it can become law.