The State Duma adopted a law on cryptocurrencies: new rules of the game for the market and strict requirements for exchangers
On July 21, 2026, the State Duma completed a key stage of the legislative process — bill No. 1194918-8 on the regulation of digital currencies was adopted in the second and third readings simultaneously. This is a landmark event for the Russian crypto market, creating a comprehensive legal framework for working with digital assets while simultaneously tightening measures to combat fraud.
However, one should not think that the norms will take effect immediately. The law still needs approval from the Federation Council and the President's signature — up to 14 days are allocated for each stage. After official publication, the document will acquire the force of law, but its main provisions will come into effect on September 1, 2026.
Transition period until July 2027
A key feature of the new regulation is a lengthy transition period that will last until July 1, 2027. This timeframe is given to all market participants to bring their activities into compliance with the new requirements, and for the state to issue the necessary by-laws and open registries.
One of the most resonant changes is tied to this date: from July 1, 2027, Russian banks will be required to refuse direct top-ups of foreign exchanges, as well as any acquiring systems and cards. This will overturn the existing scheme of interaction between the Russian and foreign circuits, making it impossible to directly fund foreign platforms through Russian banking infrastructure.
Strict anti-fraud requirements
The law introduces stringent anti-fraud requirements for all licensed market participants. Today in Russia, no exchange office or nominal exchange is obliged to implement internal anti-fraud systems — neither under the law nor at the level of individual acts. The new law radically changes this situation.
Exchange offices are required to implement at least anti-fraud solutions. One manifestation will be a cooling-off period for assets: when transferring cryptocurrency for certain transactions, it will be 48 hours. Amount limits will depend on the infrastructure: if the asset moves exclusively within Russian infrastructure — 300,000 rubles; if it goes international — 100,000 rubles. These requirements will be mandatory for all licensed participants, including exchange offices.
Exchange offices — a fundamentally new market entity
Special attention should be paid to the emergence of exchange offices as a completely new organizational and legal form. Unlike brokers, trust managers, depositories, and exchanges that already exist today, exchange offices are being created virtually from scratch.
No current player in Russia has the status of an exchange office and cannot obtain it through a transition from another status. The only exception is subjects of the experimental legal regime acting as liquidity providers.
Serious requirements are imposed on the new entity: 15 million rubles of own funds, an implemented anti-fraud system, prescribed internal control rules, strict personnel requirements — head of internal control, head of compliance, director, accounting. Exchange offices are obliged to keep meticulous records of all assets, separating their own funds from client funds, ensure information security and backup, and must conduct digital compliance (referred to as "digital analysis" in the law).
The Bank of Russia will issue a significant array of by-laws regulating both the entry of exchange offices into the registry and all their activities.
Relaxations for foreign economic activity and the new status of stablecoins
The law provides numerous relaxations for foreign economic activity. For exporters, importers, miners, exchange offices, and depositories, banking restrictions will not apply. This is done so that they can freely buy and sell cryptocurrency using a Russian bank, including in the foreign circuit — so that foreign economic activity is not blocked but develops.
Notable changes concern stablecoins. The first attempt to regulate them in 2024 under the name "foreign digital rights" failed due to mandatory linkage to digital financial assets and a specific operator — it was super-fragmentary and inconvenient, which meant no stablecoin could be properly quoted and enter circulation in Russia.
Now the approach has been modified. The name has been changed to "foreign digital instruments," and the mandatory linkage to digital financial assets and operators has been removed from the law. The definition, however, remains the same and fully covers the functionality and essence of stablecoins — USDT, USDC, and any other stablecoins fall under it. Now such an asset can freely and legally enter Russia, and the rules for handling foreign digital instruments will apply to it.
Analyst's view: The adoption of this law is a historic step for the Russian crypto market, which finally gains legal certainty. However, the key challenge will be practical implementation: how strictly anti-fraud requirements will be applied and how quickly the market can adapt to the new rules of the game, especially given the lengthy transition period. Investors and market participants should closely monitor the Central Bank's by-laws — they will determine the details that could significantly impact business models.