Russian Parliament Passes Law Regulating Digital Currencies
The State Duma has passed a law that, for the first time, establishes a comprehensive regulatory framework for digital currencies and digital financial rights in Russia. The legislation sets rules for cryptocurrency exchanges, digital custodians, and other market participants, while defining the conditions under which investors may purchase cryptocurrencies.
According to Aksakov, investors are often reluctant to finance promising projects because they fear sensitive information could become known to competitors or other hostile parties. He said the new rules are designed to reduce those concerns.
Only organizations included in a special registry and holding at least 15 million rubles (about $190,000) in capital will be permitted to exchange digital currencies. The law maintains the ban on using cryptocurrency to pay for goods and services but allows its use in settlements under foreign trade contracts and in transactions involving assets generated through cryptocurrency mining.
Banks will be required to block transfers to unauthorized cryptocurrency exchanges. Non-qualified investors will be allowed to purchase liquid cryptocurrencies worth up to 300,000 rubles (about $3,800) per year through each intermediary, while qualified investors will face no investment limits after completing a required qualification test.
Most provisions of the law will take effect on September 1, 2026, while some provisions will be phased in later, with implementation continuing through September 2027.
