Russia's State Duma Approves Comprehensive Cryptocurrency Regulation Legislation
The comprehensive legislation establishes a structured regulatory environment for cryptocurrency industry operators and will proceed to President Vladimir Putin's desk for final approval before taking effect.
The lower house of Russia's parliament, known as the State Duma, has given its approval to legislation that establishes comprehensive guidelines for cryptocurrency market activities, defining parameters for digital asset transactions within Russian borders as well as international commerce.
Lawmakers passed bill No. 1194918-8, carrying the title "On Digital Currency and Digital Rights," during its second and third reading sessions on Tuesday, fulfilling expectations after representatives had previously scheduled these conclusive voting procedures, based on official records from the parliamentary body.
The approved bill establishes a comprehensive regulatory structure governing cryptocurrency industry operators, encompassing digital currency platforms, brokerage firms, investment management companies and custody service providers, while also establishing operational standards for enterprises conducting business within this sphere.
The approved legislation will permit the utilization of cryptocurrency assets for international commerce transactions, though domestic purchases of goods and services using digital currencies will continue to be forbidden. The core components of the legislation are scheduled to come into force on Sept. 1, 2026, accompanied by an implementation transition window extending through July 1, 2027. President Vladimir Putin's signature remains necessary before the bill achieves legal status.
Anatoly Aksakov, who leads the State Duma's Committee on Financial Markets, stated that legislators "maximally" incorporated input from the cryptocurrency industry throughout the bill's formulation process, according to RBC Crypto.