Adoption by the Russian Parliament of the bill on the regulation of the encrypted currency market

On 21 July, the State Duma of Russia approved a bill establishing rules for the regulation of the encrypted currency market, which establishes a legal framework for the operation of encrypted assets in Russia and the use of encrypted assets in cross-border trade. According to the official records of the Russian State Duma, on Tuesday, Parliament completed the second and third consideration and formal adoption of the bill No. 114918-8, entitled the Law on Digital Currency and Digital Rights. Previously, the legislature had scheduled a final vote as planned. The Act establishes a regulatory framework for participants in the encrypted market, covering, inter alia, encrypted money trading platforms, brokers, asset management agencies and custodians, and imposes compliance requirements for the operation of related businesses. Under the Act, encrypted assets are allowed to be used in foreign trade (cross-border trade) settlements; however, the payment of goods and services in Russia still prohibits the use of encrypted currency. The main provisions of the Act are expected to enter into force on 1 September 2026, with a transitional period until 1 July 2027. However, the bill still needs to be signed by Russian President Vladimir Putin before it can become law。