Russian Parliament Passes Cryptocurrency Market Regulation Bill

BlockBeats News, July 21st - The Russian State Duma has approved a bill to establish cryptocurrency market regulation rules, setting a legal framework for the operation of crypto assets within Russia and the use of crypto assets in cross-border trade. According to official records of the Russian State Duma, the parliament completed the second and third readings of the bill, numbered 1194918-8 and titled the "Digital Currency and Digital Rights Act," on Tuesday and formally passed it. Prior to this, the legislative body had scheduled the final vote as planned.

The bill has established a regulatory framework for participants in the crypto market, covering cryptocurrency exchanges, brokers, asset management firms, custodians, and has set compliance requirements for the operation of these entities.

According to the bill: the use of crypto assets for foreign trade (cross-border trade) settlements is permitted; however, the use of cryptocurrency for payment for goods and services within Russia is still prohibited. The main provisions of the bill are expected to officially take effect on September 1, 2026, with a transition period lasting until July 1, 2027. However, the bill still needs to be signed by Russian President Vladimir Putin to officially become law.