Russia's State Duma, the lower house of the country's legislature, has passed a crypto bill on first reading, setting out a framework to regulate crypto market participants, according to state news agency TASS.
The proposed legislation designates the Bank of Russia as the authority responsible for licensing market participants and overseeing crypto activity in the country, TASS reported Tuesday.
It also outlines which entities — including exchanges, brokers, and other licensed financial institutions — are permitted to facilitate the circulation of cryptocurrencies.
The legislation establishes a simplified access procedure for entities already operating under the Bank of Russia's experimental legal regime, as well as for banks and brokers seeking to expand into crypto.
It also introduces tiered market access, with different criteria for qualified and non-qualified investors. Under the previously reported plan, non-qualified investors would be limited to purchasing up to 300,000 rubles (about $3,900) worth of crypto, while professional participants would not face such restrictions.
The bill still needs to pass second and third readings in the State Duma before advancing to the Federation Council and ultimately to the president's desk for signing. If officially passed, the bill is expected to take effect on July 1, 2026, according to the report.
Under the proposed bill, cryptocurrency is recognized as property. However, it prohibits the use of crypto as a means of payment for goods and services in the country, while allowing its use in cross-border transactions.
Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, told the press that classifying crypto as property would allow crypto assets to be protected in court, including in bankruptcy and divorce cases.
Panesh added that the ruble remains the only legal means of settlement in the country, but the bill creates an exception for the use of cryptocurrency in foreign trade.
"This allows Russian companies to settle with foreign counterparties in cryptocurrency, bypassing sanctions restrictions," Panesh said, according to the translated report.
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