Daily Vecsignal - Russian Central Bank Seizes Control of Crypto Market as New Bill Passes First Hurdle

 April 22, 2026 | VECS News

The Russian State Duma has passed a government-backed bill on digital currency regulation in its first reading, effectively legalizing cryptocurrency while placing the Central Bank of Russia as the absolute authority over market access and operations. The bill, titled "On Digital Currency and Digital Rights," must pass two more readings and be enacted by July 1, 2026 . This marks a dramatic shift from the central bank's previous stance, which as recently as January 2022 proposed a complete ban on cryptocurrency use and mining in Russian territory .

The new legislation designates the Bank of Russia as the primary regulatory body responsible for issuing licenses, approving or prohibiting crypto transactions, and determining the legality of all market activities . Digital currency exchanges, brokers, asset managers, and digital depositories must hold Bank of Russia licenses to operate . This centralized approach mirrors how traditional securities markets are regulated, bringing crypto firmly under the central bank's supervisory umbrella.

For investment instruments, especially cryptocurrencies, this legislation creates a two-tiered investor classification system. Qualified investors face no volume restrictions and can access any cryptocurrency except anonymous tokens . Non-qualified individuals face significant limitations. They must pass a mandatory knowledge test and are subject to an annual purchase cap of 300,000 rubles, approximately $4,000, per single operator . Additionally, only cryptocurrencies with a market capitalization exceeding 5 trillion rubles, a daily trading volume above 1 trillion rubles, and a trading history of at least five years will be permitted for non-qualified investors. This likely restricts access to Bitcoin, Ethereum, Solana, BNB, and TRON .

The bill explicitly recognizes cryptocurrency as property for legal purposes. However, a crucial restriction remains: cryptocurrencies cannot be used as a means of payment for goods and services within Russia . The ruble, including its digital version, remains the sole legal tender. Businesses may use cryptocurrencies for foreign trade settlements, a provision that acknowledges the reality of sanctions and the need for alternative cross-border payment mechanisms .

The central bank has also made clear that cash transactions for cryptocurrency will not be permitted. Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia, stated in a recent interview that converting crypto into paper rubles "won't work in Russia." All fiat payments related to crypto transactions must be non-cash, similar to securities trading . This measure strengthens financial controls and prevents dubious transactions from occurring outside the banking system.

Mining activities are also brought under regulatory oversight. Starting in 2026, the Bank of Russia will regularly receive information regarding digital currency miners and mining infrastructure operators. The regulator intends to monitor investment risks and enforce information disclosure requirements to protect investor rights . Miners must use Russian information infrastructure and register their equipment and the currency produced . The bill introduces criminal liability for illegal crypto operations, with maximum fines of 1 million rubles (approximately $13,000) and potential imprisonment of up to 7 years .

The scale of crypto adoption in Russia explains why regulation has become necessary. According to official estimates, daily crypto transactions of Russian residents reach 50 billion rubles, over $600 million . Chainalysis has ranked Russia among the world's top 10 countries for crypto adoption, with the country receiving more than $376 billion in crypto transactions between July 2024 and June 2025 . Deputy Finance Minister Ivan Chebeskov noted that millions of Russian citizens are involved in crypto trading, representing trillions of rubles in purchases and savings .

Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia, emphasized that the licensing requirements will be "very simple" and expressed confidence that all participants who want to obtain licenses will receive them. However, he warned that "all companies that conduct transactions in violation of or without a license will be severely punished" . The central bank will provide a transitional period for existing crypto platforms to legalize their activities before enforcement begins.

Anatoly Aksakov, Chairman of the State Duma Financial Markets Committee, reinforced the government's position that cryptocurrencies will "never become money" in Russia and can only function as investment instruments . This statement clarifies that despite legalization, crypto's role remains limited to an asset class rather than a medium of exchange.

Expert analysis from Pepeliaev Group, a leading Russian law firm, notes that while expanding access to certain categories of digital financial assets without quantitative limits creates opportunities for private investors, the existence of quantitative limits does not eliminate qualitative criteria for admission. Information system operators and DFA exchange operators will need to carefully verify that selected assets comply with the new legislation .

For global crypto investors, this Russian framework could serve as a template for other major economies seeking to balance innovation with control. The structured approach of investor categorization, mandatory testing, purchase limits, and licensed intermediaries offers a blueprint for regulated crypto market access. Meanwhile, the prohibition on crypto payments within Russia maintains monetary sovereignty while allowing investment activity.

In conclusion, Russia's first-reading passage of crypto legislation represents a pivotal moment for digital asset regulation. By placing the central bank firmly in control while recognizing crypto as legal property, Russia has chosen a path of structured integration rather than prohibition. For investors, this means clearer rules and legal protections but also significant limitations for non-qualified participants. As the July 1, 2026 implementation deadline approaches, global markets will watch closely to see how this model performs in practice.

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**This news was obtained and summarized from various sources on the internet.