The Federation Council gave the green light: new law on cryptocurrencies in Russia — full analysis
The Federation Council approved the landmark law "On Digital Currencies and Digital Rights," which establishes a comprehensive regulatory framework for the circulation of cryptocurrencies in Russia. The document covers the entire chain — from the purchase of digital assets by individuals through licensed intermediaries to exchange trading, clearing, and digital depository services.
Simultaneously, senators adopted a related law introducing amendments to nearly two dozen existing regulatory acts. This synchronizes current legislation with the new regulatory regime.
Architecture of the Legal Infrastructure
A key element of the reform is the institution of specialized intermediaries. Only they will have the right to organize the circulation of digital currencies. The roles of market participants are clearly segmented: the trade organizer operates on exchange platforms, brokers act on behalf of clients, managers operate within the framework of trust management, and crypto exchangers handle only exchange operations. Digital depositories will take on the accounting and storage of assets.
Special requirements apply to exchangers. Only a Russian business entity with own funds of at least 15 million rubles, included in the Central Bank's register, can become one. However, until July 1, 2027, operations are permitted even without being included in the register.
Domestic settlements in cryptocurrency remain prohibited. It is not allowed to pay for goods, works, and services with digital currencies and digital rights; advertising of such payments is also banned. There are exceptions to this rule: settlements under foreign trade contracts between residents and non-residents, mining rewards, payment of network fees, as well as payment for securities, other digital currencies, and digital rights with cryptocurrency are permitted.
A separate section of the law is dedicated to mining. The activities of miners are regulated, and a direct ban on cryptocurrency mining is introduced for individuals with an unexpunged criminal record.
Which Assets Will Be Allowed for Trading
Only cryptocurrencies meeting strict Central Bank criteria will be allowed for public exchange trading: an average capitalization exceeding 5 trillion rubles and an average daily trading volume exceeding 1 trillion rubles over two years. Exceptions are provided for assets that do not meet these criteria. The Central Bank's Board of Directors may allow them for public trading for up to six months. Additionally, the trade organizer has the right to allow any assets for trading to qualified investors — such trading is not considered public circulation.
A separate category has been introduced for foreign stablecoins — "non-deliverable foreign digital instruments," which certify only monetary claims.
The timelines for the law's entry into force are staggered. The main provisions will take effect from September 1, 2026, and the requirement to conduct cryptocurrency transactions exclusively through licensed intermediaries will take effect from July 1, 2027.
Recall that the State Duma adopted the law immediately in the second and third readings on July 21, 2026. The document has now been sent to the president for signature, after which the basic part will come into force on September 1.
My analysis: This law finally formalizes the model of a three-tier crypto market — exchanges, brokers, and exchangers. Notably, according to expert estimates, Sber could occupy all three tiers at once. For the market, this means gradual legalization, but with a rigid link to the infrastructure controlled by the Central Bank. The main risk is that excessive regulation could push retail investors into the gray zone, especially before 2027, when the requirement to operate only through licensed intermediaries has not yet fully come into effect.