The lower house of Russia’s parliament, the State Duma, has passed the first reading of a new digital currency bill with overwhelming support—327 out of 340 deputies voted in favor. The draft law, titled “On Digital Currency and Digital Rights,” establishes a legal framework for licensed companies involved in crypto trading and custody, but maintains a ban on using cryptocurrencies for payments within Russia.
New boundaries and crypto regulation
One of the bill’s standout provisions is that it opens the door for digital currencies to be used in foreign trade. Assets often mentioned in the context of cross-border payments, especially XRP, are now back in the spotlight. While no specific tokens are named in the bill, the text states that large, well-established, and liquid cryptocurrencies may be approved for use by the Central Bank of Russia.
Another significant change involves classifying five types of licensed institutions allowed to trade and safeguard crypto. The regulated entities will include exchanges, brokerage firms, portfolio managers, custodians, and currency exchanges. Should the bill, introduced by the government on April 1, be adopted, Russian citizens and businesses will be able to legally buy cryptocurrencies through these licensed platforms starting July 1, 2026.
Additionally, the draft establishes a centralized digital custody system that excludes transfers to individual wallets. Only authorized foreign institutions will be permitted to make crypto withdrawals. The Central Bank of Russia is given full authority to determine which assets can be traded on the legal market, as well as to set withdrawal limits.
New era for foreign trade and XRP’s potential
Another core aspect of the bill aims to gradually reduce direct crypto transactions through unlicensed channels. Peer-to-peer (P2P) transactions will remain legal until July 1, 2027, but blocking systems and blacklists could be implemented as soon as 2026. Crypto lending without a licensed intermediary, including cross-border deals, will be prohibited for Russian residents.
The bill appears to prioritize a restricted list of large, highly traded cryptocurrencies. Based on market data, Bitcoin, Ethereum, Solana, and XRP stand out as the main assets meeting the bill’s liquidity and longevity requirements.
The bill passed by parliament is expected to allow only designated cryptocurrencies to be traded on organized exchanges. Coins with substantial market capitalization, trading volume, and proven track records will be eligible if approved by the Central Bank.
Trends in Russia’s derivatives market also reflect growing institutional interest. The Moscow Exchange plans to launch cash-settled futures contracts for XRP, Solana, and Tron in 2026, targeting qualified investors. This would give XRP a regulated market presence even if its spot trading remains limited.
Market participation and the path to regulation
The law also proposes restrictions for individual investors. Annual purchase limits of around $4,000 and mandatory entrance exams for non-qualified investors are being considered, while qualified investors would face fewer restrictions. This structure points to controlled access rather than broad retail participation.
Cross-border utility is set to be a major theme for XRP in particular, as the bill maintains the domestic ban on using cryptocurrencies for payments but allows digital assets to facilitate international trade. The Central Bank will finalize which assets are permitted before the law’s final version is decided.
For the law to take effect, it must pass two more readings in the State Duma, followed by approval from the Federation Council and the president. Lawmakers have two weeks before the second reading to propose amendments or recommendations.
