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Russia's State Duma passes the digital currency bill in the first reading, with the central bank controlling market access and transaction regulation

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ME News Report, April 22 (UTC+8), the Russian State Duma (lower house of parliament) has passed the first reading of the "Digital Currency and Digital Rights Law," marking a key step toward the legalization of crypto assets in the country. According to the bill, the Bank of Russia will become the core regulatory authority for the crypto market, responsible for issuing licenses, approving or banning related transactions, and defining the legality of transactions. The bill proposes to classify cryptocurrencies as "property," but explicitly bans their use as a means of payment domestically, with the ruble remaining the only legal tender. However, under the context of Western sanctions, crypto assets can be used for cross-border trade settlements, including service payments, intellectual property transfers, and other scenarios. Additionally, the bill allows Russian residents to legally invest in crypto assets through licensed institutions, but will implement an investor tiering system, setting testing and annual investment limit restrictions for ordinary investors (recommended cap of 300k rubles). Initially, only high-market-cap mainstream assets such as Bitcoin and Ethereum will be permitted for trading, with a whitelist established by the central bank. The bill is expected to be officially passed and enacted by July 2026 at the latest. However, some lawmakers and banking industry professionals criticize the regulation as too strict, potentially affecting market activity, and even causing funds to remain in the gray market. Meanwhile, accompanying legislation is also planned to introduce criminal penalties, with illegal crypto transactions punishable by up to 7 years in prison. (Source: ChainCatcher)
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