The State Duma Committee has proposed to ease the legislation regarding oversight of the cryptocurrency market., 2026/04/15 16:15:38

The State Duma’s Committee on Competition Protection has recommended easing the requirements for cryptocurrency market participants outlined in the draft law “On Digital Currency and Digital Rights.” Lawmakers, as reported by RBC, express concerns that overly stringent regulations could lead to market monopolization and a withdrawal of investors.

The conditions for cryptocurrency exchanges to obtain licenses—including registration in the Bank of Russia’s registry, capital requirements, technological capabilities, cybersecurity, and transparency—are deemed excessively strict, according to the committee’s official conclusion.  

The stringent requirements may push small and medium-sized enterprises out of the market, leaving only large players, primarily banks, with access to cryptocurrency operations, lawmakers fear. This situation could result in market monopolization, a decline in service quality, and a lack of incentives for innovation, the legislators explained.

The committee expressed caution regarding the establishment of specialized crypto depositories. In the view of the parliamentarians, market participants would lose the ability to choose counterparties, while depositories would gain the power to impose their terms.

Lawmakers warned that the draft law grants the Bank of Russia the authority to exclude crypto companies from its registries “on formal grounds.” The committee believes this provision gives the regulator excessively broad powers. 

“Excessive regulatory rigidity compared to global regulatory practices may not achieve the objectives of the draft law,” RBC quoted the committee’s conclusion on competition protection.

The proposed Russian regulations appear stricter than global practices—rather than fostering a stable market, Russia may experience a departure of private investors. They are likely to opt for foreign platforms with more lenient regulations or remain in the “gray zone” of the domestic market, avoiding monopolistic services under unfavorable conditions, according to lawmakers.

The committee advised the government and the Bank of Russia to revise the draft law. Nonetheless, the authors of the conclusion supported the document’s concept and recommended that the State Duma approve it in the first reading. 

Additionally, the committee suggested that authorities consider the possibility of creating a state-backed stablecoin—pegged to the ruble or gold. 

The government submitted a package of regulatory bills for the cryptocurrency market to the State Duma on April 1. If the package is approved, the new regulations will take effect on July 1.