Russia's Parliament Passes First Reading of Crypto Bill, Central Bank to Control Market Access

Gate News message, April 22 — Russia's State Duma passed the first reading of a bill on digital currencies and digital rights, paving the way for cryptocurrency legalization in the country. The Russian Central Bank will serve as the primary regulator, responsible for issuing licenses, approving or prohibiting crypto trading, and determining transaction legality.

Cryptocurrencies will be classified as property but are prohibited for domestic payments for goods and services, with the ruble (including the digital ruble) remaining the only legal tender. However, enterprises may use cryptocurrencies for foreign trade settlements under sanctions. The bill must pass by July 1, 2026, after which Russian citizens can legally purchase digital assets through licensed intermediaries. Investors will be divided into qualified and non-qualified categories, with non-qualified investors required to pass a test and subject to an annual purchase limit of 300,000 rubles (approximately $4,000), as proposed by the Central Bank.

Only cryptocurrencies with a market cap exceeding 5 trillion rubles, daily trading volume surpassing 1 trillion rubles, and at least five years of trading history will be permitted for trade, potentially including Bitcoin, Ethereum, Solana, BNB, and TRON. The bill also introduces criminal liability for illegal crypto operations, with maximum fines of 1 million rubles (approximately $13,000) and up to seven years of imprisonment.