The State Duma has adopted a law on cryptocurrencies: new rules of the game for the Russian market
On July 21, 2026, the State Duma completed a key stage—adopting bill No. 1194918-8 on cryptocurrency regulation in the second and third readings simultaneously. The document creates a full-fledged legal framework for working with digital assets in Russia while simultaneously tightening measures to combat fraud in this area. However, before the law comes into force, it must go through several more mandatory stages: approval by the Federation Council and the President's signature. It is expected that the main provisions will take effect on September 1, 2026, after which a transition period will begin, lasting until July 1, 2027.
Transition Period and Key Dates
The transition period is not just a formality. It gives market participants time to bring their activities into compliance with the new requirements, and the state time to issue the necessary by-laws and open registries. It is by July 1, 2027, that a provision is tied which will fundamentally change the interaction scheme between the Russian and foreign circuits. From this date, Russian banks will be obliged to refuse direct top-ups of foreign exchanges, as well as any acquiring systems and cards. "Direct top-up of foreign exchanges through a Russian bank after July 1 next year will become impossible," the document's analysis emphasizes.
Strict Anti-Fraud Requirements
A separate block of the law introduces strict anti-fraud requirements for persons organizing cryptocurrency circulation in Russia, i.e., future licensed market participants. It is important to understand that today, no exchange operating in the country is obliged to implement internal anti-fraud systems—neither under the law nor at the level of individual acts. The new law changes this situation: now, for all licensed participants, including exchanges, anti-fraud solutions are mandatory. One manifestation will be a cooling-off period for the asset. When transferring cryptocurrency for certain transactions, it will be 48 hours. Amount limits will depend on the infrastructure: if the asset moves exclusively within the Russian infrastructure—300,000 rubles; if it goes to the international one—100,000 rubles.
Exchanges: A Fundamentally New Market Entity
The law introduces a fundamentally new organizational and legal form—exchanges. Unlike brokers, trust managers, depositories, and exchanges that already exist today, exchanges are created from scratch. No existing player in Russia can obtain the status of an exchange by transitioning from another status. The only exception is subjects of the experimental legal regime acting as liquidity providers. Requirements for the new entity: 15 million rubles of own funds, an implemented anti-fraud system, prescribed internal control rules, and strict personnel requirements—head of internal control, head of compliance, director, accounting. Exchanges are obliged to keep meticulous records of all assets, separating their own funds from client funds, ensure information security, backup, and conduct digital compliance—referred to in the law as "digital analysis." The Bank of Russia will issue a significant array of by-laws regulating both the entry of exchanges into the registry and all their activities.
Relaxations for Foreign Economic Activity and New Status of Stablecoins
The law provides numerous relaxations for foreign economic activity. Banking restrictions will not apply to participants in foreign economic activity, miners, exchanges, and depositories. This is done so that they can freely buy and sell cryptocurrency using a Russian bank, including in the foreign circuit, and so that foreign economic activity is not blocked but develops. Notable changes concern stablecoins. The first attempt to regulate them appeared in 2024 under the name "foreign digital rights." The failure of that structure was that all foreign digital rights had to be circulated through CFA—which always ties to a specific operator, is super-fragmentary, and inconvenient. Now the approach has been modified. The name has been changed to "foreign digital instruments," and the mandatory link to CFA and operators has been removed from the law. The definition, however, remains the same and fully covers the functionality and essence of stablecoins—it covers USDT, USDC, and any other stablecoins. "Now, an asset with the function of stablecoins can legally enter Russia freely," the analysis notes. Such an asset—whether USDT or any other foreign stablecoin—will be subject to the rules for circulation of foreign digital instruments.
Analyst's Comment: The adoption of this law is a historic step for the Russian crypto market. It not only legalizes activities but also creates clear rules of the game, which is especially important for institutional investors and businesses focused on foreign economic activity. However, the key challenge remains practical implementation: success will depend on how quickly and efficiently the Bank of Russia issues by-laws and how fast the market adapts to the new requirements. The fate of stablecoins is particularly interesting—their legalization could become a powerful driver for foreign economic settlements.