Russia's Duma Passes Crypto Trading Bill in First Reading

Russia's State Duma passed a bill in its first reading that establishes a regulated framework for cryptocurrency trading, allowing its use in cross-border transactions while prohibiting domestic payments.

The legislation, titled On Digital Currency and Digital Rights and numbered 11949188, recognizes cryptocurrencies as property, enabling legal ownership and trading through licensed intermediaries. Lawmakers approved it this week alongside related drafts, including No. 11949298, which passed its first reading during the same session. If enacted after further readings, Federation Council approval, and presidential signature, Russians could buy and sell approved digital assets via authorized platforms starting July 1, 2026, with unlicensed operations banned by July 2027.

The Bank of Russia will oversee the market, issuing licenses to exchanges, brokers, custodians, and other operators. It will determine which cryptocurrencies qualify for trading, limiting them to highly liquid assets with an average market capitalization exceeding five trillion rubles over two years, daily trading volume above one trillion rubles in that period, and at least five years of history. Retail investors...