Russia’s State Duma has advanced a government‑backed crypto bill that would formally allow the use of digital currencies in foreign trade settlements while keeping a tight grip on domestic use. Lawmakers approved the draft “On Digital Currency and Digital Rights” in its first reading, with 327 of 340 deputies voting in favor.
According to the measure, companies and individuals can lawfully purchase and sell cryptocurrencies and stablecoins through authorized middlemen. However, it maintains the prohibition on using cryptocurrency as a form of payment within Russia, thus citizens are still unable to use bitcoin or stablecoins to pay their salaries, taxes, or retail bills.
The proposal will take effect on July 1, 2026, if lawmakers approve it in its current form. The Federation Council must first approve the text, the president must sign it into law, and the Duma may amend it.
Crypto for Exports and Imports, Only Through Licensed Channels
The draft explicitly allows cryptocurrencies for foreign trade and cross‑border settlements, which officials describe as a way to keep exports and imports moving under Western sanctions. The central bank will oversee a new system of regulated organizations, including licensed exchanges, brokers, management companies, depositories, and “exchangers” that handle digital currency flows.
From July 1, 2026, residents will be able to acquire crypto only through these licensed intermediaries. The law also creates a digital depository for assets used in foreign trade, with withdrawals generally limited to accounts at licensed foreign institutions instead of personal wallets, and the Bank of Russia empowered to set withdrawal limits and other controls.
Officials say this setup will let companies pay for imports and receive export revenue in crypto while giving regulators visibility over flows that today often move through gray markets. It builds on earlier legislation that allowed crypto in international payments on a trial basis, which Moscow now aims to convert into a full framework.
Tighter Controls on Retail Users and P2P Trading
The measure strengthens regulations for Russians, requiring central-bank testing and capping non-qualified investors’ annual cryptocurrency purchases at around 300,000 rubles (roughly $3,700 to $4,000) per licensed intermediary. Qualified investors and institutions are granted higher limitations on regulated platforms.
Additionally, it introduces payment-blocking tools and blacklists for unlicensed businesses in 2026, bans uncontrolled peer-to-peer trading, and criminalizes the circulation of unregistered digital currencies starting on July 1, 2027, with penalties, jail time, or forced labor.
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