Key facts
- Russia's State Duma will hold final readings on a comprehensive crypto bill on Tuesday.
- The bill permits cryptocurrency use for international trade payments but maintains a ban on domestic crypto payments.
- A licensing regime for crypto exchanges, brokers, and custodians will be established, with the Bank of Russia as the issuing authority.
- Only cryptocurrencies meeting specific market capitalization and trading history criteria, such as Bitcoin and Ethereum, will be eligible for legal trading.
- The law is slated to take effect on September 1, following Senate approval and presidential signature.
Russia's State Duma is set to hold the final two readings of its first comprehensive cryptocurrency law on Tuesday, with the legislation expected to take effect on September 1. The bill establishes a licensing regime for crypto exchanges, brokers, and custodians, with the Bank of Russia overseeing the process and having the authority to ban cryptocurrencies deemed a threat to financial stability. While domestic crypto payments remain prohibited, the law permits the use of cryptocurrencies for international trade, providing Russian companies with a legal avenue to conduct cross-border transactions outside of Western banking systems. To be legally traded in Russia, cryptocurrencies must meet stringent criteria, including a market capitalization exceeding 5 trillion rubles (approximately $65 billion) and at least five years of verified trading history on a licensed foreign exchange, effectively limiting eligible assets to Bitcoin and Ethereum. Regular investors will face an annual purchase cap, while professional investors will be subject to restrictions on privacy coins. Unlicensed crypto platforms will face a complete ban starting July 1, 2027.