Russia Moves to Centralize Control Over Crypto Market with Key Legislation

Russia's State Duma has taken a significant step towards formalizing its approach to cryptocurrency with the approval of a key digital currency bill in its first reading.

The legislation, which defines a core structure for digital currency operations across Russia, places crypto trading under the supervision of the Bank of Russia. This move is seen as a tightening of oversight and control over the market, building on the country's 2021 digital assets law that allowed ownership but banned payments using digital currencies.

The bill sets a phased enforcement schedule, with licensed trading to commence in July 2026 and unlicensed platforms to be banned by July 2027. Retail users will face strict eligibility rules for accessing highly liquid cryptocurrencies, including market capitalization, trading volume, and operational history thresholds.