One of the most comprehensive bills in recent years has been introduced in the State Duma of the Russian Federation, and it could completely reshape the rules of the crypto market. The draft law, provisionally titled “On Digital Currency and Digital Rights,” effectively creates a new regulatory model: moving from a partially gray market to a system where every participant — from exchanges to miners — must be registered, identifiable, and under state control. If adopted, the key provisions will take effect on July 1, 2026, leaving the market very little time to adapt.
The main focus is on legitimizing the infrastructure. Crypto exchanges, which have long operated in a semi-shadow, will gain official status but also face strict requirements. They will be required to register in the country and be included in a special registry maintained by the Central Bank of the Russian Federation. This transforms crypto exchange activity from a semi-free operation into a licensed business with clear rules, reporting, and oversight. In essence, the state is telling the market: you can operate, but only within the system.
Equally important are the changes related to crypto transactions themselves. The bill stipulates that operations will be allowed only through professional participants — licensed exchanges, brokers, and asset managers. This effectively ends the era of direct “card-to-wallet” transfers through any service. Banks, in turn, are expected to be prohibited from sending funds to foreign and unofficial crypto platforms if they bypass domestic intermediaries. This creates a closed-loop system: money must flow through controlled infrastructure, and any attempts to bypass it will be restricted.
At the same time, access to cryptocurrencies formally remains open to both qualified and non-qualified investors. However, a filter is introduced. Non-qualified investors will only be allowed to purchase highly liquid assets from a regulator-approved list and within set limits. Before that, they will have to pass a test — a kind of “risk awareness exam.” This is another signal that crypto is no longer a fully unregulated space but is gradually becoming part of the regulated financial system.
A separate section addresses mining. Crypto mining is also being brought out of the gray zone and made subject to mandatory registration. A dedicated miner registry is planned, allowing the state to control not only the circulation of digital assets but also their production. Given that mining is tied to energy consumption and infrastructure, this step appears to be a logical continuation of the overall strategy — controlling the entire cycle, from creation to circulation.
An additional layer of control is introduced for operations involving foreign platforms. Residents will be required to notify tax authorities about any transactions outside the country and report the opening and closing of crypto wallets on foreign services. This effectively extends financial transparency to a new asset class and integrates cryptocurrency into the broader financial monitoring system.
Alongside the main bill, amendments are being prepared to introduce administrative liability for violations. Fines are предусмотрены both for individuals in official positions and for companies, with penalties for legal entities reaching up to one million rubles. These rules will take effect later — on July 1, 2027 — giving the market additional time to adjust, while clearly signaling that the rules will not only be written but also enforced.
In a broader context, this bill reflects a global trend. The crypto market worldwide is moving from chaotic growth toward institutionalization. Governments are no longer trying to ignore or ban cryptocurrencies — they aim to integrate them into the existing financial system. In this case, the approach aligns with that of many other jurisdictions: not banning, but controlling.
However, such a model has a downside. Increased regulation inevitably reduces market flexibility. Some users may move to decentralized solutions or continue using foreign platforms outside the legal framework. At the same time, for major players and institutional investors, the new rules may serve as a signal to enter the market: a clear regulatory framework reduces risks and makes the market more predictable.
In the end, this is not just about legalizing exchanges or creating a miner registry. It is an attempt to reshape the entire crypto market model — from an environment dominated by freedom and anonymity to a system where transparency, control, and integration with traditional finance become central. And the key question is no longer whether the law will pass, but how quickly the market will adapt and what form it will take after this transition.
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