The State Duma adopted a law on cryptocurrencies: what will change for the market from September 2026
On July 21, 2026, the Russian parliament completed a key stage in shaping the legal framework for digital currencies. Bill No. 1194918-8 passed its second and third readings simultaneously, meaning final approval by the State Duma. The document will now be sent to the Federation Council, followed by the President's signature. The main provisions will take effect on September 1, 2026, with a transition period lasting until July 1, 2027. This time is given to market participants to align their activities with the new requirements, and to regulators to issue subordinate legislation.
New status for stablecoins and relaxations for foreign economic activity
One of the most significant blocks of the law concerns stablecoins. Previously, an attempt was made to classify them as "foreign digital rights" with mandatory linkage to digital financial assets and specific operators. This structure proved unworkable, as it created excessive fragmentation and made the free circulation of assets like USDT or USDC impossible. Now the approach has changed: the term "foreign digital instruments" covers the entire functionality of stablecoins without requiring mandatory infrastructure linkage. This opens the path for the legal circulation of these assets in Russia.
Significant relaxations are provided for participants in foreign economic activity (FEA). Exporters, importers, miners, and exchangers will be able to freely buy and sell cryptocurrency through Russian banks, including operations with a foreign circuit. Banking restrictions will not apply to them — this is done to stimulate, rather than block, the development of FEA.
Strict anti-fraud requirements and a new market entity — exchangers
The law introduces strict anti-fraud standards for all licensed participants, including exchangers. The latter represent a fundamentally new organizational and legal form. No existing player in Russia can obtain exchanger status by transitioning from another category. The exception is participants in the experimental legal regime acting as liquidity providers.
Requirements for exchangers include: own funds of at least 15 million rubles, an implemented anti-fraud system, prescribed internal control rules, and strict personnel requirements (head of internal control, director, accountant). Also mandatory are meticulous asset accounting, segregation of own and client funds, information security, and backup copying. The law enshrines "digital analysis" — an analogue of compliance for crypto assets.
The anti-fraud cooling-off period for certain transactions will be 48 hours. Limits depend on the infrastructure: 300,000 rubles — for movements exclusively within the Russian infrastructure, 100,000 rubles — when going international.
Key date — July 1, 2027
It is to this date that the provision is tied, which will overturn the current scheme of interaction between the Russian and foreign circuits. From July 1, 2027, Russian banks will be obliged to refuse direct replenishment of foreign exchanges, acquiring systems, and cards. This means that directly topping up a foreign exchange through a Russian bank will become impossible. Participants in FEA, miners, and exchangers will be forced to work exclusively through licensed Russian operators.
Expert opinion: The adoption of the law is undoubtedly a historic step for the Russian crypto market. However, the transition period until 2027 leaves room for maneuver. The key challenge is the successful implementation of the subordinate regulatory framework and the creation of a truly functioning infrastructure. If the regulator can promptly issue all necessary acts and open registries, the market will receive long-awaited clarity. If not, we risk seeing only formal regulation with the preservation of gray schemes.