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State Duma passes law allowing Russians to invest in cryptocurrency but not use it as payment

Source: RBC

Russia’s lower house of parliament passed legislation legalizing cryptocurrency circulation in the country, the Russian business news outlet RBC and the Russian business daily Kommersant reported. The bill passed its second and third readings.

For most Russians, cryptocurrency will be available only as an investment instrument. Using it to make payments inside Russia will remain prohibited, with exceptions carved out only for participants in foreign trade activity and cryptocurrency exchanges.

Russians will be able to buy cryptocurrency on exchanges through brokers and asset managers. Retail investors must first pass a qualification test, and their investment portfolios will be capped — purchases through a single intermediary are expected to be limited to 300,000 rubles per year.

Only coins with high market capitalization, liquidity, and a long pricing history will be traded on Russian exchanges. Russia’s central bank has said that for now, only Bitcoin, Ethereum, and the stablecoin USDT meet those requirements.

The law takes effect on September 1, 2026.

In 2024, Russia legalized cryptocurrency mining. In the spring of 2026, bills criminalizing illegal mining and illegal circulation of cryptocurrency were introduced in the Russian parliament, carrying penalties of up to five and seven years in prison, respectively.

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