The State Duma adopted the crypto law in the final readings: what changes for the market — analysis by Cryptalist
On July 21, 2026, the State Duma of the Russian Federation completed a key stage of the legislative process by adopting bill No. 1194918-8 on the regulation of digital currencies in the second and third readings simultaneously. The document, which passed through both stages in a single day, creates a legal framework for the legitimate circulation of cryptocurrencies in the country while simultaneously tightening measures to combat fraud in this segment.
It is important to understand that the final approval by parliament is only an intermediate stage. The law must be approved by the Federation Council (within 14 days) and signed by the President (within another 14 days). Only after official publication will it come into force, but not immediately: according to the text of the document, the main provisions will take effect on September 1, 2026.
Transition period until July 2027
A key feature of the new law is a lengthy transition period that will last until July 1, 2027. This time is allocated for all market participants to bring their activities into compliance with the new requirements — both technical and those related to internal controls. The state, in turn, must issue the necessary by-laws and open registries.
It is to this date that a provision is tied which will radically change the scheme of interaction between Russian citizens and international crypto exchanges. From July 1, 2027, Russian banks will be required to refuse direct top-ups of foreign exchanges, as well as any acquiring systems and cards used for these purposes. This means that the usual method of transferring rubles to foreign trading platforms through Russian banking infrastructure will become impossible.
Strict anti-fraud requirements
A separate block of the law introduces stringent anti-fraud requirements for all licensed market participants, including future exchangers. Today, no exchange office operating in the country is obliged to implement internal anti-fraud systems. The new law changes this radically.
One of the key tools will be a "cooling-off period" for certain transactions. For cryptocurrency transfers, this will be 48 hours. Amount limits will depend on the infrastructure: if the asset moves exclusively within Russian infrastructure, the limit will be 300,000 rubles; if it goes to international infrastructure, it will be 100,000 rubles. These rules will be mandatory for all licensed participants, including exchangers.
Exchangers — a fundamentally new market entity
The most significant innovation is the creation of the institution of exchangers from scratch. Unlike brokers, trust managers, depositories, and exchanges (which already exist), exchangers represent a completely new organizational and legal form. No existing player can obtain this status automatically. The only exception is subjects of the experimental legal regime acting as liquidity providers.
The requirements for the new entity are impressive: minimum equity capital of 15 million rubles, a mandatory anti-fraud system, prescribed internal control rules, and strict personnel requirements (head of internal control, compliance director, accountant). Exchangers are obliged to maintain meticulous records of all assets, separating their own funds from client funds, ensure information security, and conduct "digital analysis" — as the law terms mandatory compliance.
Relaxations for foreign economic activity and new status of stablecoins
The law provides numerous relaxations for foreign economic activity. Participants in foreign economic activity, miners, exchangers, and depositories are exempt from banking restrictions — they will be able to freely buy and sell cryptocurrency through Russian banks, including in the foreign circuit, so that foreign economic activity is not blocked but develops.
The most noticeable changes concern stablecoins. The first attempt to regulate them in 2024 under the name "foreign digital rights" failed due to the mandatory link to digital financial asset operators — it was overly fragmented and inconvenient. Now the approach has been modified: the name has been changed to "foreign digital instruments," and the mandatory link to digital financial assets and operators has been removed. At the same time, the definition fully covers the functionality and essence of stablecoins — it encompasses USDT, USDC, and any other stablecoins.
Cryptalist Analysis: The adoption of this law is a historic moment for the Russian crypto market. However, one should not expect immediate changes. The transition period until July 2027 is not just a delay but a necessary stage for creating infrastructure. The key risk, in my opinion, is the potential tightening of capital movement control through the ban on direct top-ups of foreign exchanges. This could lead to an increase in shadow turnover and P2P schemes if the state does not create convenient legal alternatives. The regulator will have to find a balance between control and freedom so as not to stifle the nascent market in its infancy.