Overview
- Lawmakers passed the first reading with 327 of 340 votes, sending the bill to detailed second and third readings before a planned July 1, 2026 start for many rules.
- The Bank of Russia would license and supervise five types of operators, including exchanges, brokers, management companies, depositories, and exchangers, with trading routed only through approved intermediaries.
- The draft treats cryptocurrency as property, keeps a ban on using it for payments inside Russia, and permits regulated use for cross-border trade under oversight.
- Non‑qualified buyers would face testing and an annual purchase cap of 300,000 rubles, while qualified investors would have broader access to listed coins that meet liquidity and market‑history tests.
- The framework builds a digital depository for custody, restricts transfers to personal wallets, and phases out peer‑to‑peer deals, with enforcement tools starting in 2026 and a full ban on unmediated transactions set for July 1, 2027; Sberbank says it will offer trading once the rules and exchange venues launch.