Russia’s State Duma officially passed Bill No. 1194918-8, titled ‘On Digital Currency and Digital Rights’, in its second and third readings on July 21, 2026. The new legislation legalizes the use of digital assets for cross-border transactions by Russian companies, providing a workaround for long-hindered import and export operations.
Domestic crypto trading volume in the country is estimated at 50 billion rubles, or roughly $640 million per day, most of which has circulated outside formal oversight. Under this legal framework, the operations of exchanges, brokers, and custodians will be directly supervised by the Bank of Russia. The core regulations are scheduled to take effect on September 1, 2026, coinciding with the mass rollout of the digital ruble (Russia’s CBDC). Authorities are providing a transition period for market participants until July 1, 2027, to achieve compliance.
A Way Out Amid European Sanctions
Financial Committee Chairman Anatoly Aksakov stated that companies supplying goods to Russia must be able to conduct international transactions using crypto without excessive legal hurdles. This flexibility comes as Europe continues to push for broad restrictions on foreign crypto platforms suspected of helping Russian entities circumvent economic sanctions.
In response to this regulatory clarity, local financial institutions moved quickly. Sberbank is now preparing crypto wallet and custody services. Similar steps are being taken by VTB, T-Bank, Alfa-Bank, and Moscow Exchange, all of which are building the necessary infrastructure to facilitate digital asset flows.
Strict Limits for Retail Users
Despite opening the gates for international trade, domestic rules tell a different story. Crypto remains banned as a legal tender for domestic payments, reaffirming the ruble as the sole legal currency. Non-qualified retail investors will only be allowed to purchase up to 300,000 rubles worth of crypto per year through licensed intermediaries, while higher limits apply to qualified investors.
However, users received some breathing room regarding privacy. An initial provision requiring users to disclose their wallet addresses was ultimately removed from the bill. Intermediary supervision is now focused solely on tracking balances and transaction volumes. As an additional measure to control capital flows, authorities retain the right to suspend large transfers abroad or to third parties for up to 48 hours.
The legislation is not entirely final; the new bill still requires approval from the Federation Council before being signed into law by Vladimir Putin. For import-export businesses, this regulation offers a vital lifeline to survive, but for ordinary Russian citizens, it signifies tight surveillance over every fund movement on official exchanges.
Reported via crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
