Russian encryption market legislation is at a critical stage. The State Duma has adopted the second and third readings of the relevant bill, which is intended to establish a unified regulatory framework for transactions, trusteeship and cross-border settlements. The next step in the bill is to be considered by the Federal Council and submitted to President Putin for signature.
Coverage of exchanges and custodians
This bill, entitled " Digital currency and digital rights ", will incorporate exchanges, brokers, trustees, etc. into the licensing system and will be regulated by the Russian Central Bank. One of the legislative objectives is to gradually transfer a large number of transactions and hosting activities currently outside the regulatory framework to the formal financial system.
The Russian Ministry of Finance had previously estimated that the daily trade in encrypted currency in the country was about 50 billion roubles, or approximately $640 million. According to officials, a significant part of this activity remains outside formal supervision.
The revised text removed the earlier proposal to require currency holders to declare wallet addresses and instead focused on information such as balances and volume of transactions. Large transfers initiated in part from abroad or to third parties may be delayed for up to 48 hours.
Domestic payments are still prohibited
The bill does not confer on Russia the status of legal compensation for encrypted currencies such as bitcoin. Enterprises and individuals are still not allowed to pay directly for general goods and services in encrypted currency, and the rubles are still internal payment units.
However, in the context of international trade, regulatory thinking has been relaxed. Under the new framework, Russian enterprises could use authorized digital assets within the compliance system for partial cross-border settlement. Russia had previously tested encrypted currency for foreign trade settlement under a pilot legal mechanism.
Anatoly Aksakov, Chairman of the State Duma Financial Markets Committee, indicated that industry feedback had been absorbed in the legislative process. Before his final reading, he stated that enterprises supplying to Russia should be able to complete international transactions using encrypted currency without unduly increasing legal barriers.
The bank has begun to prepare services.
Before the new rules were formally laid down, a number of large Russian financial institutions had begun to lay down their work. The Savings Bank of the Russian Federation, Sberbank, plans to introduce encryption wallets and digital asset hosting services after the entry into force of the regulatory framework, and is also assessing the possibility of opening an off-shore encryption exchange to clients.
VTB and T-Bank have announced the development of a digital asset hosting infrastructure, and the Moscow Exchange has expressed its intention to conduct a compliance encryption service. For its part, Alfa-Bank has tested encryption transactions within a limited number of qualified investors and plans to build its own digital asset storage platform.
Transitional arrangements launched in September
According to the current timetable, the main framework of the Act is expected to enter into force on 1 September 2026. Since then, market participants will have a transition period to complete their registration, apply for licences and adjust their internal systems, which will continue until 1 July 2027.
This point is also close to the Russian digital ruble promotion rhythm. Russia also plans to promote, in a phased manner, large banks and large retailers to support digital rubles as of 1 September 2026.
Additional information:Russia is also studying the currency stabilization rule, one of the main directions being to service international settlements. If the follow-up process proceeds as planned, exchanges, trustees and brokers will gradually be integrated into the new regulatory system from September onwards.