Russia’s Duma clears crypto bill allowing foreign trade use

The State Duma approved a draft law on cryptocurrencies in a first reading on Tuesday, assigning the Bank of Russia to license and supervise market participants and setting rules for the use of digital assets.

The bill specifies which entities may facilitate crypto circulation, including exchanges, brokers and other licensed financial institutions. It creates a simplified licensing route for firms already operating under the Bank of Russia’s experimental legal regime and for banks and brokers that want to expand into crypto services.

The draft establishes tiered market access with separate criteria for qualified and non‑qualified investors. Non‑qualified retail investors would face a cap on purchases of 300,000 rubles (about $3,900); professional or qualified participants would not be subject to that limit.

The legislation recognizes cryptocurrencies as property, a change supporters say will allow courts to treat crypto assets in legal disputes such as bankruptcy and divorce.

The bill bars the use of cryptocurrency to pay for goods and services inside Russia while permitting its use in cross‑border transactions. The Bank of Russia would be the authority responsible for issuing licenses and overseeing crypto activity if the law is enacted.

Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, argued the exception for international trade would let Russian companies settle with foreign counterparties in cryptocurrency, “bypassing sanctions restrictions.” Backers of the bill contend the licensing framework will bring market participants into regulated channels and protect less experienced investors through purchase limits.

The draft must pass two more readings in the State Duma before moving to the Federation Council and the president. Lawmakers indicated that, if approved in full, the law would take effect on July 1, 2026.