Russia’s State Duma has approved the first reading of a crypto regulation bill that would place the Bank of Russia at the center of the market’s licensing and supervisory system. Under the draft, the central bank would authorize market participants and oversee crypto activity across the country.
The bill spells out which entities may legally operate in the sector, including exchanges, brokers, and other financial institutions that meet regulatory standards. Firms already working under the central bank’s experimental legal regime, as well as banks and brokers seeking to enter the market, would get a simplified route into the framework. Licensing sits at the core of the proposal: exchanges, custodians, and other service providers would need authorization, and administrative penalties are planned for unlicensed activity.
Retail investors would face a 300,000-ruble purchase cap
The draft introduces a tiered system for investor access. Non-qualified investors would be limited to buying up to 300,000 rubles worth of crypto, or about $3,900. Professional participants would not face that restriction.
The approach follows earlier steps from Russia’s Finance Ministry. A package approved in March required crypto trading to go through licensed intermediaries, limited retail access to high-liquidity assets defined by the Bank of Russia, and introduced mandatory testing for non-qualified investors. Those measures also allowed Russian users to access crypto markets through foreign accounts as long as transactions were reported to tax authorities.
Crypto would gain legal status as property
The bill would also classify cryptocurrency as property under Russian law. That status affects how digital assets can be treated in legal disputes. Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, said the classification would allow crypto assets to be protected in court, including in bankruptcy and divorce cases.
Domestic payments remain off-limits. The draft keeps the ruble as the only legal means of settlement inside Russia, leaving crypto barred as a payment method within the country.
Cross-border trade gets an exception as approvals continue
The proposal makes one clear carve-out: companies would be allowed to use cryptocurrency in cross-border transactions tied to foreign trade. Panesh said that would let Russian companies settle with foreign counterparties in crypto and bypass restrictions linked to sanctions on international payments.
The legislation is not final yet. It still needs to pass second and third readings in the State Duma, then go through the Federation Council and receive presidential approval. If adopted, the new framework is expected to take effect on July 1, 2026.