MOSCOW, July 21. /TASS/. The State Duma (lower house of the parliament) has passed a law that, for the first time, comprehensively regulates the circulation of digital currencies and digital rights in Russia. The document submitted by the Russian government establishes rules for the operation of crypto exchanges, digital depositories, and market participants, and defines the conditions for cryptocurrency purchases by investors.

The law regulates matters related to the organization of the circulation, accounting, and storage of digital currencies and foreign digital instruments, the mining, issuance, and circulation of digital rights, and the activities of operators of information systems issuing digital financial assets, digital currency exchange organizations, digital depositories, brokers, management companies, trading organizers, and clearing organizations.

Only organizations included in a special registry will be permitted to engage in digital currency exchange activities. They are allowed to operate without being listed in the registry until July 1, 2027. Digital currency exchange activity is understood as the systematic execution of cryptocurrency purchase and sale transactions on one’s own behalf and at one’s own expense outside of organized trading. That said, clearing organizations will be able to execute transactions involving digital currencies without being included in the registry and without engaging a broker, provided this is necessary to fulfill obligations to clearing participants or to resolve instances of their failure to meet their obligations.

The law maintains the ban on using digital currencies and digital rights as a means of payment within Russia. It also prohibits the dissemination of information, including advertising, regarding the possibility of paying for goods, works, services, information, or the results of intellectual activity using cryptocurrency.

Meanwhile a number of exceptions are provided for. The use of digital currencies is permitted: for settlements under foreign trade contracts between residents and non-residents; when using cryptocurrencies obtained through mining; for the payment of fees stipulated by the rules of the relevant information system; for settlements involving securities, other digital currencies, or digital rights.

If a credit institution or a branch of a foreign bank suspects that transactions are conducted by an unauthorized entity engaged in the exchange of digital currencies, the bank is required to refuse the transfer of funds.

At the same time, the law guarantees judicial protection for the rights of digital currency holders, regardless of whether such assets were previously declared.

Non-qualified investors will be able to purchase the most liquid cryptocurrencies through intermediaries, up to a limit of 300,000 rubles per year per intermediary.

Qualified investors are permitted to purchase any cryptocurrency without such a restriction.

Both categories of investors will be required to undergo special testing. Meanwhile it will be possible to obtain qualified investor status based, among other things, on experience in executing cryptocurrency transactions.

The main part of the law will come into force on September 1, 2026.