The Russian State Duma is progressing with bill no. 1194918-8, which aims to establish the first full legal framework for digital assets in Russia. The legislation is scheduled for final readings on July 21, 2026, with potential implementation by September 1, 2026.
Details of the Proposed Crypto Regulation
Introduced by the Russian government on April 1, 2026, the bill titled "On Digital Currency and Digital Rights" received strong support in its first reading, passing with 327 votes out of 340. The State Duma’s financial markets committee, led by Anatoly Aksakov, approved it earlier in July. The law would classify cryptocurrencies as property assets, not legal tender, maintaining the ruble as the sole official currency for payments within Russia.
Under the bill, crypto-assets will be recognized as property rights and subject to oversight by the Bank of Russia. This framework allows Russian citizens to legally hold, buy, and sell digital currencies such as Bitcoin and Ether, but prohibits their use for everyday transactions.
Investor Classification and Market Impact
The legislation introduces a division between qualified and non-qualified crypto investors. Qualified investors must meet criteria including asset thresholds, professional experience, recognized certifications, or institutional status. Non-qualified investors encompass most individuals. This segmentation aligns crypto regulation with existing securities market laws, specifically Article 51.2 of the federal law "On the Securities Market" (no. 39-FZ), and reflects a view of digital assets as financial instruments rather than currency.
If enacted, the law will reshape the regulatory landscape for digital assets in Russia, potentially affecting both domestic and foreign participants. Analysts interpret the move as a strategy to attract international capital without loosening control over the local market.
Market reaction to the bill's advancement remains to be seen.
