On July 21, 2026, the State Duma passed, in the second and third readings, the draft Federal Law “On Digital Currencies and Digital Rights” (Bill No. 1194918-8) and the accompanying bill (No. 1194929-8), which provides for numerous related amendments to existing federal laws.
We previously briefly reviewed the main provisions of these bills in their first-reading versions. Both bills have been substantially revised, both in terms of content and the terminology used.
Among the changes:
- The requirement to submit information to the Federal Tax Service regarding the possession of digital currency in order to obtain judicial protection is eliminated; a similar provision in the current Law No. 259-FZ is repealed;
- The list of exceptions to the ban on using digital currency as a means of payment has been clarified; in particular, the payment of “network fees” for on-chain transactions is now included among the exceptions;
- The provisions governing digital currencies—rather than those governing digital rights—apply to the circulation of foreign digital assets (“foreign digital instruments”). Based on their definition, foreign digital instruments may include, among others, the popular stablecoins USDT and USDC;
- It is stipulated that participants in the Russian regulated market (brokers, trading organizers, exchange platforms, and digital depositories) are required to maintain records of transactions involving digital currencies and digital rights and to provide such information to the FSB in cases provided for by law.
Most of the provisions in the bills will take effect on September 1, 2026.
At the same time, the bills provide for a delayed effective date for a number of changes, establishing a transition period during which market participants can bring their operations into compliance with the new legal requirements.
Specifically:
- Until July 1, 2027, the provisions prohibiting Russian banks from processing money transfers to individuals whom the bank suspects of engaging in illegal activities related to the circulation of digital currencies will not apply;
- Until June 30, 2027, Russian Federation residents are permitted to systematically conduct over-the-counter “exchange” transactions involving digital currencies without being included in the registry of “exchange operators.”
We are preparing a detailed overview of the changes.
Stay tuned for updates!
