The State Duma approved a bill to restrict cryptocurrency circulation in Russia., 2026/04/21 17:17:24

The State Duma has approved in the first reading the government bill titled “On Digital Currency and Digital Rights.” This document tightens the regulations surrounding cryptocurrency circulation and grants the Bank of Russia the authority to permit exchanges or trading platforms to operate in the market, as well as to set limits on the purchase of digital currencies.

A total of 327 deputies voted in favor of the initiative, while five opposed it and eight abstained. Criticism came from Communist Party deputy Nikolai Kolomeitsev, who referred to the bill as “260 incomprehensible pages.” The “Fair Russia” faction expressed concerns but ultimately supported the document. 

According to the bill, cryptocurrency trading will only be permitted through licensed intermediaries—brokers, trust managers, and licensed exchanges. Specialized digital depositories, which are currently absent in legislation and the Russian market, will be responsible for recording rights to crypto assets.

Access conditions to the market will vary for different categories of investors. Non-professional investors, which include nearly all Russians, will be allowed to purchase the most liquid digital currencies from a list provided by the Bank of Russia after undergoing a specific test—within the limits set by the same regulator. It is anticipated that this limit will be 300,000 rubles per year through a single intermediary. Professional investors, following testing, will gain access to any cryptocurrencies without transaction volume restrictions, as stated in the bill.

Banks are expected to be prohibited from transferring funds to foreign and any unlicensed crypto exchanges or crypto exchanges without the involvement of licensed Russian intermediaries. Additionally, Russian currency residents will be required to notify the tax authorities about foreign transactions involving cryptocurrencies. While holding cryptocurrency wallets abroad may be permitted, individuals will be obligated to report their existence and all transactions involving these assets to tax authorities. 

The bill is linked to amendments in legislation that were also approved in the first reading. Administrative fines are promised for the use of digital currencies in transactions within Russia, and the Criminal Code will be supplemented with a new article on “illegal organization of digital currency circulation,” with violators facing up to seven years in prison. 

Previously, bankers and two State Duma committees—the financial committee and the competition protection committee—criticized the bill. The contentious issue revolved around non-custodial wallets.