Russia's Crypto Law Nears Passage Amid Sanction Evasion Efforts
Russia is approaching the final votes on its first comprehensive cryptocurrency law, which aims to regulate digital currency use for international trade. The bill, pending in the State Duma, introduces licensing for exchanges and limits domestic crypto transactions, as reported by Decrypt.
Russia's State Duma is set to conduct final votes on the country's first comprehensive cryptocurrency law, titled "On Digital Currency and Digital Rights," on July 21. If approved, the law will take effect on September 1, 2026. This legislation establishes a licensing system for crypto exchanges, brokers, and custodians, with the Bank of Russia designated to issue permits.
The bill aims to facilitate payments in cryptocurrency for international trade, potentially helping Russian companies bypass Western sanctions. However, it prohibits domestic cryptocurrency transactions, focusing instead on creating a legal framework for external payment routing. The legislation limits retail investor usage of cryptocurrency to approximately $3,800 annually.
To legally trade cryptocurrency in Russia, digital assets must have a market capitalization exceeding 5 trillion rubles (around $65 billion) and a minimum of five years of verified trading history on a licensed foreign exchange. Currently, this criterion would effectively restrict legal trades to Bitcoin and Ethereum. However, some experts speculate that other cryptocurrencies, such as Solana, could be included in the future.
Alexandra Fedotova, a lawyer monitoring the legislation, noted that the Bank of Russia may publish a list of the most traded cryptocurrencies on major exchanges, which is expected to include Bitcoin and Ethereum as leading options. The developments come as major financial institutions like VTB and T-Bank are already planning to establish crypto depositories in anticipation of the new regulatory framework.
Summary based on original reporting by Jose Antonio Lanz at Decrypt, originally published Jul 20, 2026. SolanaWire does not republish source content.
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