Russia's State Duma passed a landmark crypto bill on Tuesday that brings digital asset trading under government oversight while opening the market to retail investors. The legislation establishes rules for crypto exchanges, custodians and brokers, which will need to join a special registry to operate legally, with existing exchanges given a roughly one-year grace period before registration completion. The bill represents a major shift from Russia's previous approach to crypto investments, which mostly only allowed wealthy or specially qualified investors to participate.
State Duma Establishes Regulatory Framework for Crypto Service Providers
The legislation primarily establishes rules for crypto exchanges, custodians and brokers operating in Russia. These service providers will need to join a special registry to operate legally under the new framework. Existing exchanges will be given a roughly one-year grace period before their registration needs to be completed, according to state-run news agency TASS.
Retail Investors Gain Access to Crypto Trading with Purchase Limits
Under the new rules, everyday retail investors are allowed to purchase the most liquid cryptocurrencies through intermediaries after passing a knowledge test. The report did not specify which assets would qualify, though major cryptocurrencies such as bitcoin (BTC), ether (ETH) and Solana (SOL) are likely to be included. Retail investors are only allowed to purchase up to 300,000 rubles, roughly $3,900, per year through each intermediary.
Qualified Investors Receive Unlimited Crypto Purchase Rights
Qualified investors, who must also pass knowledge tests, are free to purchase any crypto assets with no caps. The report states that prior crypto trading experience could count toward obtaining qualified investor status. This tier provides unrestricted access compared to the capped retail investor category.
Russia Maintains Domestic Crypto Payment Ban with Trade Exceptions
Russia is still maintaining its ban on using crypto to pay for goods and services domestically, allegedly to protect the ruble's dominance. The legislation sets exceptions for foreign-trade settlement between Russians and overseas counterparties, crypto obtained through mining and certain transactions involving securities. Russia had already begun allowing crypto in international trade under an experimental framework in 2024 after Western sanctions made it difficult for the country to access conventional payment systems. Banks are also required to block transfers to recipients they suspect to be operating unauthorized crypto exchanges.
Legislation Sets September 1 Implementation Date
The legislation passed its first reading in April, when it was initially expected to take effect on July 1. Most of the provisions are now expected to go into effect on Sept. 1. The measure must still clear Russia's Federation Council and be signed by President Vladimir Putin before becoming law.
FAQ
What did Russia's State Duma pass on Tuesday?
Russia's State Duma passed a landmark crypto bill on Tuesday that brings digital asset trading under government oversight while opening the market to retail investors. The legislation establishes rules for crypto exchanges, custodians and brokers, requiring them to join a special registry to operate legally.
How much can retail investors purchase in crypto under Russia's new bill?
Retail investors are only allowed to purchase up to 300,000 rubles, roughly $3,900, per year through each intermediary. They must pass a knowledge test before being allowed to purchase the most liquid cryptocurrencies through intermediaries.
When will Russia's crypto legislation take effect?
Most of the provisions are expected to go into effect on Sept. 1. The measure must still clear Russia's Federation Council and be signed by President Vladimir Putin before becoming law. The legislation passed its first reading in April.
