The scenario where the Russian Central Bank completely controls the cryptocurrency market is becoming more plausible. Looking at the Russian State Duma's actions last month, it seems that a bill regarding digital currency regulation has passed its first reading. Russia's previously gray-area cryptocurrency regulations are finally moving toward legalization.

However, what is noteworthy is that the Russian Central Bank will hold all regulatory authority. From licensing to approving or banning transactions, it will essentially act as the gatekeeper. Personally, I feel this could serve as a model case for how regulatory authorities in other countries might control the cryptocurrency market.

While the ruble's status as the sole legal currency remains unchanged, companies will be able to use cryptocurrencies for foreign trade settlements even under sanctions. In other words, due to political reasons, Russia appears to have a strategic intent to leverage cryptocurrencies.

For the general public, it is planned that they will be able to purchase cryptocurrencies through intermediaries authorized by the Russian Central Bank by July 1, 2026. However, not everyone will be able to buy freely; non-qualified investors will need to pass an exam, and there will be an annual purchase limit (around $4,000 according to the Central Bank's proposal). The scope of eligible transactions will be limited to assets with a market capitalization of over 5 trillion rubles, a daily trading volume of over 1 trillion rubles, and a trading history of more than five years. This likely means major cryptocurrencies like Bitcoin, Ethereum, Solana, BNB, and Tron will be targeted.

Penalties for violations are also strict, with fines of up to 1 million rubles (about $13,000) and up to 7 years in prison. It clearly shows that the Russian Central Bank is serious about controlling the market. In the future, other regulatory authorities in different countries may begin to consider similar approaches.