Russia’s Crypto Bill Adds Bank Transfer Blocks and Miner Registry Ahead of Second Reading

Russia’s Digital Currency Law Gets New Provisions Ahead of Second Reading

Russia’s draft law “On Digital Currency and Digital Rights” has been overhauled before its second reading in the State Duma, with new clauses on payment restrictions, mining and the legal status of digital financial assets. The bill, which the government introduced in April 2026, is designed to create a unified rulebook for the entire cryptocurrency ecosystem – from mining and trading to custody and cross‑border settlement.

The new version, obtained by Vedomosti, stipulates that the law will take effect on 1 September 2026. Several requirements are delayed: rules on blocking money transfers and on non‑resident digital depositories will come into force on 1 July 2027, while other technical provisions follow two months later. Existing crypto‑exchange operators benefit from a transition period until 1 March 2027, during which they may continue under current rules.

One of the most striking additions is a mechanism for banks to block transfers. Credit institutions will be obliged to refuse resident payments – including cross‑border card transfers – if they suspect the recipient is an “unauthorised person” actually exchanging cryptocurrency without being in the official registry. The Bank of Russia will distribute lists of such recipients and of foreign payment services that handle these flows. Exceptions are granted for settlements under foreign‑trade contracts and for transactions through licensed market participants.

The bill also broadens what crypto can be used for. While it still forbids using cryptocurrency as a general means of payment inside Russia, a new clause explicitly permits licensed crypto‑exchange operators to use it to pay for securities, other digital currencies or digital rights. Mining is tightened: individuals acting as sole proprietors or legal entities may only mine once they are entered in the Federal Tax Service’s miner registry, while unregistered individuals face a government‑set energy‑consumption ceiling. People with convictions for economic crimes and those on anti‑money‑laundering or sanctions lists are barred from mining altogether. Organisers of mining pools and operators of mining infrastructure must also join mandatory registries.

How the Revised Legislation Reshapes Russia’s Digital Asset Market

What it means for Russian crypto exchanges and infrastructure

The bill formalises a strictly licensed market. Digital depositories, Bank of Russia‑licensed crypto exchanges, brokers and trust managers that meet prescribed requirements will be the only entities allowed to sell cryptocurrency. To operate the new depository and exchange rules that kick in from July 2027, these players must be members of self‑regulatory organisations (SROs) in the financial market. The one‑working‑day processing of applications for participants in the current experimental legal regime (EPR) – a separate sandbox law used for cross‑border crypto settlements – offers a fast track into the regulated system, but only if they apply before 1 July 2027. This is a clear signal that the authorities want to absorb existing pilot participants into the permanent framework quickly, while leaving newcomers to face a more rigorous vetting process.

Our take: The requirement to join an SRO adds a compliance and cost layer, favouring larger, well‑capitalised groups. The fast‑track window creates a competitive advantage for firms already inside the EPR sandbox; late entrants will have to build operations against incumbents that are already licensed and integrated.

The miner registration tightrope

By requiring all corporate and sole‑proprietor miners to join a Federal Tax Service registry, the bill puts mining under direct fiscal oversight. The ban on people with economic‑crime convictions or sanctions links is intended to clean up the sector’s reputation, but it also narrows the pool of potential operators. Individual miners without business status are allowed only within an energy‑consumption limit to be set by the government – a rule that could force many small‑scale miners to either register as entrepreneurs or shut down if the cap is set low. For mining‑pool organisers and infrastructure operators, separate mandatory registries add another gate that will concentrate the activity among compliant, well‑resourced companies.

Our take: This dual‑track approach (registry + consumption cap) is likely to push out smaller, informal miners who have flourished in regions with cheap electricity. It also gives the tax service a direct line of sight into mining revenues, which the government can use to estimate – and eventually tax – crypto‑derived income.

Cross‑border payments and sanctions considerations

The bill walks a delicate line. On one hand, it allows cryptocurrency to be sent to addresses outside Russian depositories, but only to accounts at licensed foreign exchanges or depositories. That keeps the cross‑border channel open for trade, a tool Moscow has openly explored as a way to bypass Western payment infrastructure. At the same time, the bank‑transfer blocking mechanism directly targets unauthorised crypto‑on‑off‑ramp providers, many of which are used for personal savings or grey‑market commerce. By exempting foreign‑trade contracts, the law preserves the utility for sanctioned entities without explicitly saying so – a pattern that fits Russia’s pragmatic, cautious embrace of digital assets for international settlement.

Our take: The explicit carve‑out for foreign‑trade contracts and licensed platforms suggests that the law’s real aim is to channel crypto flows through controllable, licensed points, giving the state visibility while maintaining an officially deniable route for sanctioned businesses. The list‑based blocking of “unauthorised” recipients may also serve as a diplomatic lever if certain jurisdictions are added or removed.

Investor segmentation and the opening of foreign instruments

For the first time, qualified investors will be allowed to buy foreign digital instruments through Russian infrastructure starting 1 September 2026. Non‑qualified investors will have to wait until the Bank of Russia includes a specific instrument on a list of permitted assets. Both categories must undergo testing and operate through licensed intermediaries, but only non‑qualified investors face a 300,000‑rouble purchase limit. These measures are classic investor‑protection tools, yet they also shape demand: the early access for wealthy, tested investors could create a two‑tier market where the most interesting foreign crypto assets flow only to those who pass the qualification threshold.

Steps for Banks, Crypto Platforms, Miners and Investors

• Crypto exchanges and digital depositories: Start the licensing process with the Bank of Russia now. Current exchange operators can continue under old rules only until 1 March 2027, so plan for a hard cut‑over. Join the relevant SRO before the July 2027 deadline; membership may become a prerequisite for licence approval.
• Banks and payment service providers: Begin integrating the Bank of Russia’s recipient blacklist feeds and building logic to flag transactions whose payment codes suggest cryptocurrency‑related activity. Establish procedures to reject transfers to “unauthorised recipients” without disrupting legitimate foreign‑trade contract settlements.
• Mining companies and individual miners: Corporate miners must apply for inclusion in the Federal Tax Service registry as soon as the mechanism is operational. Individual miners operating above the (yet‑to‑be‑set) energy‑consumption limit should register as sole proprietors to avoid being forced to scale down. Mining‑pool organisers and infrastructure operators should prepare for the separate registry requirements and ensure they can pass vetting given the ban on persons with certain criminal records.
• Investors: Qualified investors can start preparing to access foreign digital instruments through Russian infrastructure from September 2026 – the first window to diversify internationally within a domestic legal wrapper. Non‑qualified investors must take the mandatory test and budget for the 300,000‑rouble cap; they will only be able to buy assets that the Bank of Russia explicitly authorises, so monitor the central bank’s permitted‑instrument list when it is published.
• Participants in the current EPR sandbox: Submit your application for inclusion in the digital depository or crypto‑exchange registries before 1 July 2027 to benefit from the one‑day processing guarantee. Any delay risks losing the fast‑track and facing a full‑scale compliance review.