January 28, 2026 (Moscow) — Anatoly Aksakov, chair of the Russian State Duma’s Financial Market Committee, said a long-anticipated cryptocurrency regulation bill is expected to be voted on by late June 2026, with proponents planning for the new law to take effect on July 1, 2027, if adopted by lawmakers. The legislation would overhaul how digital assets are treated in Russia, introduce investor safeguards, and bring regulated crypto markets under a formal legal framework.
In recent remarks to Russian media, Aksakov indicated the draft bill — which has been finalized and prepared for parliamentary consideration — aims to regulate crypto exchanges, set investor eligibility requirements, and define which digital assets may be traded by the public under central bank guidance.
Regulating Exchanges and Market Participants
Under the proposed framework, cryptocurrency exchanges and related intermediaries would be brought into Russia’s regulated financial system. Aksakov affirmed that unregistered operators could face penalties, aligning crypto market rules with laws governing traditional financial institutions.
The law seeks to clarify the legal status of crypto trading — which currently operates in a partial regulatory grey zone — and introduce stronger oversight through licensed brokers, exchanges, and custodians.
Retail Investors: Qualifications and Purchase Limits
A key component of the draft legislation is its approach to retail investor access. Ordinary traders — referred to as non-qualified or retail investors — would be required to pass an eligibility or risk-awareness test before they can participate in crypto trading. Once qualified, those investors would face a cap on annual purchases, limited to approximately $4,000 (about 300,000 Russian rubles) to help manage risk exposure.
Aksakov and legal experts have noted that limiting retail participation through knowledge requirements and purchase thresholds is intended to protect less experienced investors from the volatility and risks associated with digital assets.
Central Bank’s Role in Defining Eligible Cryptocurrencies
The draft legislation would also empower the Bank of Russia to determine a list of eligible cryptocurrencies that may be traded legally in the domestic market. This list is expected to focus on widely adopted digital assets such as Bitcoin and Ethereum, while excluding privacy-focused or high-risk tokens.
Only “qualified investors” — individuals or institutions that meet stricter financial criteria — would have access to a broader range of digital assets outside the central bank’s approved list.
Stablecoins and Foreign Economic Activity
Another notable feature of the bill would be the authorization of stablecoins for foreign economic activity, provided such transactions occur through licensed brokers and financial intermediaries. Stablecoins could be used for cross-border transactions and settlements, offering an alternative channel for international trade and payments under regulated conditions.
Officials and legal analysts have highlighted stablecoins’ potential utility in cross-border commerce, especially given ongoing economic pressures and sanctions affecting Russia’s financial system.
Broader Context and Industry Impact
Russia’s draft crypto bill reflects a shift toward regulated integration of digital assets into the national financial system, moving away from more restrictive stances that previously favored limited or no access for retail participants. Observers view the planned legislation as a measured approach — balancing innovation and investor protection while ensuring market stability.
If approved by the State Duma and signed into law, the regulations would position Russia among countries taking an assertive stance on bringing cryptocurrency markets into a legalized and supervised framework — though with clear limits on retail participation and strict oversight by financial authorities.
