The State Duma has approved the crypto law: a new status for stablecoins and strict requirements for exchanges.
On July 21, Russian lawmakers adopted the controversial bill No. 1194918-8 regulating the circulation of digital currencies, passing it in the second and third readings simultaneously. The document creates a full-fledged legal framework for working with cryptocurrencies in the Russian Federation, while simultaneously tightening the fight against fraud in this area. However, several more stages lie ahead: approval by the Federation Council, the President's signature, and official publication. The main provisions will come into effect on September 1, 2026.
Transition Period: Key Dates and the "Ban" on Direct Top-Ups
The transition period will begin on September 1, 2026, and last until July 1, 2027. This timeframe is given to all market participants for technical and organizational adaptation, and to the state for issuing by-laws and opening registries. The most significant change is tied specifically to July 1, 2027: from this date, Russian banks will be required to refuse direct top-ups of foreign exchanges, as well as any acquiring systems and cards. "It will become impossible to top up foreign exchanges directly through a Russian bank," the analysis of the document emphasizes.
Anti-Fraud: 48-Hour Cooling-Off Period and Transfer Limits
The law introduces strict anti-fraud requirements for all licensed participants, including future exchangers. One of the key elements is a cooling-off period for assets — up to 48 hours for certain transactions. Transfer limits will be differentiated: if the asset moves exclusively within Russian infrastructure, the threshold will be 300,000 rubles; if it goes to international infrastructure — 100,000 rubles. This will force market participants to implement more thorough customer and transaction verification procedures.
Exchangers: A Fundamentally New Market Entity
Particular attention should be paid to the introduction of the institution of exchangers as a new organizational and legal form. Unlike brokers, depositories, and exchanges, which already exist on the market, exchangers are being created from scratch. No existing player can automatically obtain this status — an exception is made only for participants of the experimental legal regime acting as liquidity providers. Requirements for exchangers include: own funds of 15 million rubles, an implemented anti-fraud system, prescribed internal control rules, and strict personnel requirements (head of internal control, compliance officer, director, accounting department).
Stablecoins: From "Digital Rights" to "Digital Instruments"
The law fundamentally changes the approach to stablecoins. The first attempt to regulate them in 2024 under the name "foreign digital rights" failed due to the mandatory link to operators of information systems (OIS) of digital financial assets (DFA). Now the concept has been reworked: the term has been replaced with "foreign digital instruments," and the mandatory link to OIS has been eliminated. The definition fully covers the functionality of stablecoins — USDT, USDC, and any other analogs fall under it. "An asset that has the function of stablecoins can legally enter Russia in a free manner," the expert summarizes.
My comment: The adoption of this law is a landmark step for the Russian crypto industry. However, the market faces a difficult transition period. On the one hand, the legalization of stablecoins and the creation of a clear infrastructure for foreign economic activity are powerful incentives for development. On the other hand, strict anti-fraud requirements and limits could significantly slow down turnover and deter small players. Success will depend on how flexible and adequate the Bank of Russia's by-laws turn out to be.