Russia’s State Duma approves crypto oversight rules; regulated channels to become mandatory after July 1, 2027

Russia’s lower house has passed a government bill that would put crypto trading and transfers under formal state supervision. For high-risk PSPs, the key point is simple: the market is being pushed toward licensed intermediaries, customer verification, reporting, and bank-controlled access.

1. The State Duma approved the draft law “On Digital Currencies and Digital Rights” in its second and third readings. The vote was 340 deputies out of 450 in favor, with five abstentions. The bill still needs approval from the Federation Council and the president’s signature before it becomes law.
2. The basic provisions are set to take effect on September 1. From July 1, 2027, any crypto transactions in Russia will have to run only through regulated organizations, and banks will be required to refuse service for any other transactions.
3. The core model is familiar: Russian users must deal with crypto only through licensed intermediaries, and those intermediaries will have to verify clients and pass transaction data to the authorities in the same way banks report financial transactions. The bill also introduces a 48-hour “cooling-off” period for transfers from crypto wallets to other accounts.
4. Domestic payment for goods and services using crypto remains prohibited inside Russia. The bill does not apply those restrictions to cross-border settlements, which is the part PSPs and merchants will notice first if they touch Russia-facing flows.
5. The law defines five market participant categories: exchanges, brokers, asset managers, depositories, and crypto exchanges. Crypto exchanges will need to register with the Bank of Russia and comply with capital requirements set by the central bank.

The bill also splits access between professional and non-professional investors. Non-professional investors will be allowed to trade only within a limit of 300,000 rubles a year through one intermediary. Organized trading will be allowed only for coins with high capitalization, liquidity, and a long track record; bitcoin, ether, and the USDT stablecoin meet the stated criteria, although the Bank of Russia will set the final list.