The State Duma of the Russian Federation adopted a law on cryptocurrencies: key changes and market analysis
On July 21, the State Duma completed a key stage by passing bill No. 1194918-8 on the regulation of digital currencies in the second and third readings simultaneously. This document establishes the legal framework for working with cryptocurrencies in Russia while simultaneously tightening measures to combat fraud in this area. However, before the law comes into force, several mandatory steps remain: approval by the Federation Council, the President's signature, and official publication. Only after this will it acquire the force of law.
Transition period and implementation timeline
According to the text of the document, the main rules will come into effect on September 1, 2026. After that, a transition period will begin, lasting until July 1, 2027. This time gap gives all market participants the opportunity to technically and legally prepare for the new requirements, and the state to issue the necessary by-laws and open registries. It is by July 1, 2027, that a critical amendment is tied, which, in my opinion, will radically change the interaction scheme between the Russian and foreign circuits. From this date, Russian banks will be obliged to refuse direct top-ups of foreign exchanges, as well as any acquiring systems and cards.
"Directly next year after July 1, it will be impossible to top up foreign exchanges through a Russian bank," notes Andrey Tugarin, founder of the law firm GMT Legal.
Strict anti-fraud requirements
The law introduces stringent anti-fraud requirements for future licensed market participants. Today, no exchange office or nominal exchange operating in the country is obliged to implement internal anti-fraud systems. The new law requires exchange offices to have at least anti-fraud solutions. One manifestation will be a cooling-off period for assets. When transferring cryptocurrency, it will be 48 hours for some transactions, and the amount limit will depend on the infrastructure: 300,000 rubles if the asset moves exclusively within the Russian infrastructure, and 100,000 rubles when moving to the international infrastructure. These requirements will have to be applied by all licensed participants, including exchange offices.
Exchange offices — a fundamentally new market entity
Special attention should be paid to the requirements for exchange offices, as they are being created practically from scratch. Unlike brokers, trust managers, depositories, and exchanges, which already exist, exchange offices are a completely new organizational and legal form. No current player in Russia has the status of an exchange office and cannot obtain it by transitioning from another status. The only exception is subjects of the experimental legal regime acting as liquidity providers.
Requirements for the new entity include: 15 million rubles of own funds, an implemented anti-fraud system, prescribed internal control rules, strict personnel requirements (head of internal control, compliance officer, 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 in the law as "digital analysis." 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 permissions for foreign economic activity. Banking restrictions will not apply to participants in foreign economic activity, miners, exchange offices, and depositories. This is done so that they can freely buy and sell cryptocurrency using a Russian bank, including in the foreign circuit, and so that foreign economic activity is not blocked but develops.
Significant changes concern stablecoins. The first attempt to regulate them in 2024 under the name "foreign digital rights" failed due to the mandatory link to digital financial assets (DFAs) and a specific operator. Now the approach has been modified. The name has been changed to "foreign digital instruments," and the mandatory link to DFAs and operators has been removed from the law. The definition, however, remains the same and fully covers the functionality and essence of stablecoins — it covers USDT, USDC, and any other stablecoins.
"Now, an asset with the function of stablecoins can legally enter Russia freely," the expert concludes.
Cryptalist Analysis: The adoption of this law is a historic step for the Russian crypto industry. It not only legalizes the market but also creates clear, albeit strict, rules of the game for all participants. The transition period until July 2027 deserves special attention, as it gives the market time to adapt. However, the key challenge will be practical implementation: whether the infrastructure can effectively cope with the new requirements, especially regarding anti-fraud and identification, only time will tell. Overall, this is a move towards a civilized market, which will inevitably lead to consolidation and the departure of unscrupulous players.