Russian Lawmakers Advance Bill to Regulate Crypto Under Central Bank Oversight

Highlights:

• Russia’s State Duma passed the first reading of a bill to tighten crypto oversight.
• The proposal gives Russia’s central bank broader control over licensed crypto trading platforms.
• Crypto stays banned for local payments, but may be used in foreign trade.

Russia’s State Duma has moved closer to putting cryptocurrencies under official government control. Lawmakers, on Tuesday, approved the first reading of a draft law called “On Digital Currency and Digital Rights,” which would set clear rules for how digital currencies can be bought, sold, and used in Russia. 

The proposed law sets out several key definitions to reduce market uncertainty. It gives official legal meaning to terms such as the circulation of digital currency and the organization of digital currency circulation, along with related concepts tied to digital rights. 

Under the bill, only licensed entities will be allowed to operate platforms for crypto trading. These would include exchanges, brokers, trust managers, and digital depositories authorized by the Bank of Russia.

RUSSIA PASSES CRYPTO BILL IN FIRST READING

Russia’s State Duma has passed a crypto regulation bill in its first reading, according to TASS.

The proposal sets a legal framework for crypto market participants.

The Bank of Russia will oversee licensing and regulatory enforcement.… pic.twitter.com/6TTpDWdPTa

— BSCN (@BSCNews) April 22, 2026

Central Bank Gets Stronger Control Over Crypto Market

The bill would also increase the central bank’s role in overseeing the sector. The Bank of Russia would decide who can legally operate in the market, set operating standards, and monitor compliance. The aim is to reduce the influence of unlicensed or anonymous platforms that have operated without formal oversight for a long time.

State Duma deputy Kaplan Panesh said:

“No anonymous exchangers or ‘black’ brokers. Exchanges, brokers, and depositories receive licenses, and the Central Bank monitors compliance. Trading through underground platforms is automatically at risk of blocking and loss of funds.”

The bill also separates investors into qualified and non-qualified groups. Non-qualified investors, such as ordinary retail users, will be restricted from buying or trading any cryptocurrencies above a certain level.

This provision seeks to safeguard investors with less experience from incurring large losses in a financial market characterized by high volatility. On the other hand, qualified investors, who must fulfill some criteria, will not be restricted.

Cryptocurrency for International Trade, Not Domestic Payments

The bill classifies digital currency as property under the law. It bans the use of digital currency for goods, services, or work inside Russia. The ruble will remain the only legal payment method for domestic transactions. However, the bill makes one clear exception for foreign trade. Russian companies will be able to use crypto to pay overseas partners.

Crypto mining also gets formal recognition. The bill legalizes mining activities but sets clear boundaries. Miners must use infrastructure located within Russia, register their equipment, and report the digital currency they produce.

The bill is not yet law. The reading of the bill in the State Duma is a first but crucial step in the process. The bill can be amended before its final adoption. If lawmakers fully approve the bill, it will take effect on July 1. However, some parts could start earlier.