The Russian Duma passes the cryptocurrency bill in the first reading, clarifying the central bank's core regulatory role.

Techub News reported, according to Cryptopolitan, the Russian State Duma has officially passed the first reading of the "On Digital Currency and Digital Rights" bill, marking a step towards the legalization of cryptocurrency in the country. The bill designates the Russian Central Bank as the core regulatory authority, responsible for issuing licenses, approving transactions, and defining the legality of operations. Although cryptocurrency is recognized as legal property, its use for payment of goods or services within the country is strictly prohibited, with the ruble remaining the sole legal tender; however, the bill specifically allows businesses to use cryptocurrency for foreign trade settlements under sanctions to alleviate cross-border payment pressures.

The bill is expected to officially take effect before July 1, 2026, at which point ordinary citizens will be able to legally purchase digital assets through licensed intermediaries. Regulation will implement a tiered management system for investors, with non-qualified investors required to pass specific tests, and the proposed annual purchase limit is set at 300,000 rubles (approximately $4,000). Simultaneously, supporting amendments to the criminal code have been submitted for review, aiming to impose criminal penalties on entities providing crypto services without permission, thereby establishing a compliance-driven trading environment led by the central bank.