Russia adopts first comprehensive cryptocurrency regulation

Russia’s State Duma has passed the “On Digital Currency and Digital Rights” bill, establishing the country’s first comprehensive legal framework for digital assets. The legislation creates a licensing regime for cryptocurrency exchanges, brokers, custodians and depositories, all overseen by the Bank of Russia, which will maintain a registry of approved participants. A two‑year grace period allows firms to operate while applying for a license, with the deadline for registration set for 1 July 2027.

The law keeps the ban on using crypto for domestic payments but permits limited cross‑border transactions. Retail investors are restricted to annual purchases of roughly 300,000 roubles (about $3,800) through licensed intermediaries, while qualified investors face no such cap. The bill now moves to the Federation Council and, if approved, to President Vladimir Putin for signature, signaling tighter state control over Russia’s burgeoning crypto market and potentially influencing regulatory approaches abroad.