Russia’s State Duma passes first reading of cryptocurrency regulation bill, allowing businesses to use crypto settlements to circumvent sanctions

According to The Block, Russia’s State Duma has approved the cryptocurrency regulation bill at its first reading. The bill proposes classifying cryptocurrencies as “property,” designating the Central Bank of Russia as the authority responsible for licensing and supervising market participants, and introducing a tiered access framework for both qualified and non-qualified investors. The bill explicitly prohibits the use of cryptocurrencies for domestic payments—while the ruble remains the sole legal settlement currency—yet permits Russian companies to use cryptocurrencies for settlements with foreign counterparties in cross-border trade, thereby circumventing sanctions restrictions. The bill still requires approval at the second and third readings, followed by review by the Federation Council, before being submitted to the President for signature. If formally enacted, it is expected to enter into force on July 1, 2026.