Blab Crypto
Russias State Duma Approves First Comprehensive Crypto Law, Setting Licensing and Investor Rules
On 21 July 2026 the lower house of Russia’s parliament, the State Duma, passed a bill that establishes the first nationwide legal framework for cryptocurrency trading and custody. The law creates a licensing regime for exchanges, exchange offices and digital custodians, and it requires all crypto‑related services to be provided through licensed intermediaries by 1 July 2027.
The legislation is designed to bring the country’s fragmented crypto rules under a single, enforceable system. Under the new framework, banks, brokers and asset managers may offer crypto services if they meet additional prudential requirements. Digital custodians will be responsible for recording ownership of crypto assets, while exchange offices will facilitate purchases and sales. Trading may also occur through brokers and organised markets that work with licensed exchange operators.
Investor access is split into two categories. Retail investors must undergo a mandatory suitability assessment and are limited to a list of liquid cryptocurrencies approved by the Bank of Russia. They are also capped at a maximum investment of 300,000 RUB per year through each intermediary. Qualified investors also face a suitability test but are not subject to the annual cap. The law keeps Russia’s existing ban on using cryptocurrencies as a domestic means of payment, but it allows exporters and importers to settle cross‑border transactions with crypto, either through licensed intermediaries or directly via any wallet.
Key dates are set in the bill. Most provisions take effect on 1 September 2026, giving market participants a transition period of almost ten months. The final phase of the transition, when all crypto transactions inside Russia must pass through regulated organisations, is scheduled for 1 July 2027. Additional anti‑fraud rules are slated to come into force from September 2027.
The licensing deadline is a critical element of the law. Firms that wish to operate as exchanges, custodians or other crypto service providers must obtain a licence before 1 July 2027 or risk having their activities shut down. The law does not specify the exact criteria for licences, but it signals that the Bank of Russia will oversee the approval process.
The new framework is significant for several reasons. First, it formalises a regulated market that had previously been governed by a patchwork of rules and informal practices. Second, it provides a legal pathway for Russian companies to use digital assets for cross‑border trade, potentially easing sanctions‑related constraints. Third, by imposing suitability checks and investment limits on retail investors, the law attempts to protect consumers while still allowing access to the crypto market.
The legislation also reflects Russia’s broader strategy to maintain control over its financial system amid ongoing international sanctions. By keeping domestic payments in crypto prohibited, the government preserves its fiat‑based payment infrastructure while still enabling foreign trade in digital assets.
As of the law’s passage, no specific licences have been issued and the exact regulatory requirements remain to be clarified by the Bank of Russia. Market participants are currently preparing to comply with the upcoming licensing regime, and exchanges are evaluating the costs and timelines associated with obtaining a licence.
In summary, Russia’s State Duma has set the stage for a regulated crypto market that will become fully operational by mid‑2027. The law introduces licensing for exchanges and custodians, imposes suitability and investment limits on retail investors, and preserves the prohibition on domestic crypto payments while allowing cross‑border settlements. The next steps will involve the Bank of Russia defining licence criteria, firms applying for licences, and the implementation of anti‑fraud measures in September 2027.
The legislation is designed to bring the country’s fragmented crypto rules under a single, enforceable system. Under the new framework, banks, brokers and asset managers may offer crypto services if they meet additional prudential requirements. Digital custodians will be responsible for recording ownership of crypto assets, while exchange offices will facilitate purchases and sales. Trading may also occur through brokers and organised markets that work with licensed exchange operators.
Investor access is split into two categories. Retail investors must undergo a mandatory suitability assessment and are limited to a list of liquid cryptocurrencies approved by the Bank of Russia. They are also capped at a maximum investment of 300,000 RUB per year through each intermediary. Qualified investors also face a suitability test but are not subject to the annual cap. The law keeps Russia’s existing ban on using cryptocurrencies as a domestic means of payment, but it allows exporters and importers to settle cross‑border transactions with crypto, either through licensed intermediaries or directly via any wallet.
Key dates are set in the bill. Most provisions take effect on 1 September 2026, giving market participants a transition period of almost ten months. The final phase of the transition, when all crypto transactions inside Russia must pass through regulated organisations, is scheduled for 1 July 2027. Additional anti‑fraud rules are slated to come into force from September 2027.
The licensing deadline is a critical element of the law. Firms that wish to operate as exchanges, custodians or other crypto service providers must obtain a licence before 1 July 2027 or risk having their activities shut down. The law does not specify the exact criteria for licences, but it signals that the Bank of Russia will oversee the approval process.
The new framework is significant for several reasons. First, it formalises a regulated market that had previously been governed by a patchwork of rules and informal practices. Second, it provides a legal pathway for Russian companies to use digital assets for cross‑border trade, potentially easing sanctions‑related constraints. Third, by imposing suitability checks and investment limits on retail investors, the law attempts to protect consumers while still allowing access to the crypto market.
The legislation also reflects Russia’s broader strategy to maintain control over its financial system amid ongoing international sanctions. By keeping domestic payments in crypto prohibited, the government preserves its fiat‑based payment infrastructure while still enabling foreign trade in digital assets.
As of the law’s passage, no specific licences have been issued and the exact regulatory requirements remain to be clarified by the Bank of Russia. Market participants are currently preparing to comply with the upcoming licensing regime, and exchanges are evaluating the costs and timelines associated with obtaining a licence.
In summary, Russia’s State Duma has set the stage for a regulated crypto market that will become fully operational by mid‑2027. The law introduces licensing for exchanges and custodians, imposes suitability and investment limits on retail investors, and preserves the prohibition on domestic crypto payments while allowing cross‑border settlements. The next steps will involve the Bank of Russia defining licence criteria, firms applying for licences, and the implementation of anti‑fraud measures in September 2027.
