A significant milestone has been reached in the long-awaited regulatory process regarding the legal status of crypto assets in Russia. The State Duma, the country's lower house, approved a bill aimed at framing the crypto market in its first reading. The bill aims to establish a comprehensive structure regulating the circulation of crypto assets while also drawing clear boundaries for their use. The regulation prohibits the use of crypto assets as a means of payment within Russia. However, it opens the door to the use of crypto in international trade.
The new bill considers crypto as property
According to the bill, crypto assets will be defined as "property." This classification ensures that crypto assets are covered by legal protection. One of the most concrete results of the regulation is that digital assets will become subject to court judgment, particularly in cases such as bankruptcy proceedings or divorce. Officials state that this approach will create a clearer legal framework for market participants.
In the new framework, the Central Bank of Russia emerges as the regulatory authority. The bank will be responsible for licensing and supervising institutions operating in the crypto market. Exchanges, brokerage firms, and licensed financial institutions will be able to facilitate cryptocurrency transactions within the framework of established rules. This structure reflects an approach of integrating the market into the system in a controlled manner, rather than completely banning it.
The bill also introduces a tiered access model for investors. Accordingly, a distinction will be made between “qualified” and “unqualified” investors. A certain upper limit is set for cryptocurrency purchases by unqualified investors.
According to the current plan, this limit will be 300,000 rubles (approximately $3,900) annually. No such limit is foreseen for professional investors. Thus, it aims to protect individual investors from excessive risk.
On the other hand, a smoother transition process is planned for institutions currently operating under the experimental legal regime of the Central Bank of Russia. Similarly, banks and brokerage firms will be able to benefit from a faster access mechanism when they want to expand their cryptocurrency services.
One of the most striking aspects of the regulation is the flexibility it provides for foreign trade. Officials emphasize that allowing the use of crypto assets in cross-border transactions will offer Russian companies an alternative payment channel. This appears to be seen as a strategic tool, particularly aimed at mitigating the impact of international sanctions. The bill is not yet enacted into law. It has a second and third reading process ahead of it. Following this, it requires approval from the Federation Council and finally the signature of the head of state. If all stages are completed, the regulation is expected to enter into force on July 1, 2026.
