Russia Passes First Reading of Crypto Regulation Bill Legalizing Digital Assets for International Settlements

Russia's State Duma passed the first reading of a comprehensive crypto regulation bill on April 22, 2026, that legalizes digital assets for cross-border international settlements while maintaining a domestic payment ban. Built on the Central Bank of Russia's December 2025 regulatory concept, the bill creates a pathway for Russian exporters and importers handling an estimated $240 billion in trade volume to settle contracts in cryptocurrency, addressing payment friction from international sanctions. The Bank of Russia retains sole authority over platform licensing and transaction approval, while non-qualified retail investors face a 300,000 ruble ($3,800 USD) annual purchase cap and only cryptocurrencies exceeding 5 trillion rubles ($66.6 billion USD) in market cap with five-year trading histories—likely Bitcoin and Ethereum—will qualify for legal trading. Licensed platform trading begins July 1, 2026, with unlicensed platforms banned by July 1, 2027, and mandatory registration required for all Bitcoin miners. The State Duma Committee on Protection of Competition has flagged over-regulation concerns, while the bill still requires two additional readings, Federation Council approval, and presidential signature before enactment.

Legislative Framework and International Settlement Authorization

• ▪The Russia crypto regulation bill was built on the Central Bank of Russia's regulatory concept published in late December 2025.
• ▪The Russia crypto regulation bill authorizes use of digital assets for cross-border international settlements by Russian businesses.
• ▪Russian exporters and importers moving goods across an estimated $240 billion in trade volume facing payment friction now have a legal pathway to settle contracts in cryptocurrency.
• ▪The Russia crypto regulation bill requires two additional readings plus Federation Council approval and presidential signature before enactment.
• ▪Russia's State Duma passed the first reading of a crypto regulation bill that formally legalizes digital assets for international settlements on April 22, 2026.
• ▪The Bank of Russia issues platform licenses, approves or blocks transactions, and maintains sole authority over which digital assets may legally trade inside Russian-licensed infrastructure.

Investor Tiers and Asset Eligibility Restrictions

• ▪Unlicensed cryptocurrency platforms in Russia face a complete ban effective July 1, 2027.
• ▪The 300,000 ruble annual purchase cap for non-qualified retail investors equals approximately $3,800 USD.
• ▪Non-qualified retail investors in Russia face a 300,000 ruble annual purchase cap through any single intermediary under the crypto regulation bill.
• ▪Only cryptocurrencies with market caps above 5 trillion rubles and a five-year trading history qualify for legal trading under the Russia crypto regulation bill.
• ▪Licensed platform trading in Russia can begin July 1, 2026 under the crypto regulation bill.
• ▪The 5 trillion ruble market cap threshold for cryptocurrency eligibility in Russia equals approximately $66.6 billion USD.

Bitcoin Mining Registration and Domestic Compliance Requirements

• ▪Operating Bitcoin mining outside Russia's mandatory registry will constitute an unlicensed activity once the July 1, 2027 deadline for unlicensed platforms passes.
• ▪Russia's crypto mining sector has expanded significantly since China's 2021 mining ban.
• ▪Uzbekistan offers a 10-year tax holiday inside a designated special zone with mandatory renewable energy requirements for cryptocurrency mining.

Perspective of Bank of Russia

• ▪The Bank of Russia's regulatory concept published in late December 2025 forms the foundation for the crypto regulation bill passed by the State Duma.

Perspective of Russian exporters and importers

• ▪Russian exporters and importers moving goods across an estimated $240 billion in trade volume currently face payment friction that cryptocurrency settlements could resolve.

Perspective of State Duma Committee on Protection of Competition

• ▪The State Duma Committee on Protection of Competition has identified over-regulation risk in the crypto regulation bill passed by the State Duma.

Perspective of Non-qualified retail investors in Russia

• ▪Non-qualified retail investors in Russia are restricted to purchasing a maximum of 300,000 rubles (approximately $3,800 USD) in cryptocurrency annually through any single intermediary.
• ▪Non-qualified retail investors in Russia can only access cryptocurrencies with market caps above 5 trillion rubles and five-year trading histories, effectively limiting options to Bitcoin and Ethereum.

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