Russia’s lower house of parliament has passed a first reading of a bill establishing a legal framework for cryptocurrency trading through licensed intermediaries.
The draft legislation would allow crypto transactions via approved platforms as early as July 2026, while banning unlicensed services from July 2027 under oversight of the Bank of Russia.
“The proposed article is drafted as a blanket provision, the application of which is not possible in isolation from rules directly established by regulatory acts,”
Said the Supreme Court of Russia, adding:
“Until the relevant federal law is adopted, the initiative in question appears premature.”
The bill introduces investment limits for retail users, restricting access to highly liquid digital assets and capping purchases at 300,000 rubles annually through a single intermediary.
It also requires investors to pass qualification tests and maintains Russia’s existing ban on using cryptocurrencies for payments, reinforcing earlier digital asset laws.
Separate legislative proposals would impose criminal penalties, including fines and prison terms, for operating unlicensed crypto services, though these measures remain under review.
Industry participants have warned the framework could push activity underground rather than formalise the market, even as lawmakers move to centralise oversight and tighten control over digital asset trading.