The State Duma has adopted in the third reading the law "On Digital Currencies and Digital Rights," which creates comprehensive regulation of cryptocurrency circulation in Russia — from purchases by citizens through licensed intermediaries to exchange trading, clearing, and digital depositories.
At the same time, a companion law (No. 1194929-8) was adopted, which synchronizes nearly two dozen existing laws with the new regulation.
The law introduces the infrastructure of a legal crypto market. Only specialized intermediaries will be allowed to organize the circulation of digital currencies: trading organizers for organized trading, brokers on client orders, managers in trust management, and digital currency exchange organizations (crypto exchangers). Digital depositories will handle the accounting and storage of digital currencies.
An exchanger can only be a Russian business entity with equity capital of at least 15 million rubles, included in the Central Bank register. Until July 1, 2027, operation without inclusion in the register is permitted.
Domestic settlements in cryptocurrency remain prohibited: digital currencies and digital rights cannot be used to pay for goods, works, or services, and advertising of such payments is also banned. Exceptions are made for settlements under foreign trade contracts between residents and non-residents, mining rewards, payment of network fees, and payment with cryptocurrency for securities, other digital currencies, and digital rights.
Only cryptocurrencies meeting the Central Bank's criteria are allowed for public exchange trading: average capitalization over 5 trillion rubles and average daily trading volume over 1 trillion rubles over two years. The Central Bank's board of directors may admit cryptocurrencies outside these criteria to public trading for up to six months. Additionally, the trading organizer may admit any currencies not on the list to trading for qualified investors — such trading is not considered public circulation.
For foreign stablecoins, the law introduces a separate category — "non-deliverable foreign digital instrument" certifying only monetary claims.
A separate section is devoted to mining: the activity is regulated, and a ban on mining is introduced for certain individuals with unexpunged criminal records.
The law will come into force on September 1, 2026, except for provisions for which other deadlines are set. The requirement to conduct cryptocurrency transactions only through licensed intermediaries will take effect on July 1, 2027.