Russia's crypto law delayed: Ministry of Finance acknowledges deadline shift
Bill No. 1194918-8 "On Digital Currency and Digital Rights," which barely passed its first reading on April 21, will not be approved by the scheduled deadline of July 1. This has been officially confirmed by the Ministry of Finance, and the market is now preparing for a new timeline.
Ministry of Finance Confirms: We Won't Make It by July
Alexei Yakovlev, Director of the Financial Policy Department at the Ministry of Finance, stated on the sidelines of the PMYUF-2026 forum that all key provisions of the document are ready. However, final approval is being postponed. "Overall, everything is ready. We expect the State Duma committee meeting soon, followed by the second reading. We probably won't make it by July 1, but around that time," Yakovlev explained.
Recall that this bill establishes the fundamental legal framework for the circulation of digital currencies in Russia. Once adopted, individuals and legal entities will be able to officially purchase cryptocurrency, but exclusively through certified operators—specialized exchangers from the Central Bank's registry, licensed brokers, and trust managers. However, using tokens to pay for goods and services within the country remains strictly prohibited.
Market Anticipated the Delay
Insider information about the timeline shift had been circulating in the blockchain community before any official comments. For instance, Sergei Mendeleev, founder of the Exved platform, noted in his personal blog on June 22 that discussion of the crypto initiative had been quietly removed from the parliamentary committee's work plan, even though a meeting was scheduled for the following day.
Mendeleev believes it would be more logical to return the document to the first reading stage and entrust its revision to the new cohort of deputies during the fall session. Otherwise, the expert concluded, the industry will face the same problems that arose earlier during the legalization of mining activities. Notably, Mendeleev himself participated in discussions on future regulatory rules, but according to him, the bill's authors ignored proposals from experienced representatives of the crypto industry.
My analysis: The deadline postponement is not a catastrophe but rather a sign that regulators are trying to find a balance between strict control and market needs. However, if the process is indeed delayed until fall, we risk getting a law that will become obsolete before it even takes effect. The pace of development in the crypto industry significantly outpaces the speed of Russian lawmaking.