Russia’s State Duma Approves Crypto Regulation Bill, Set to Ban Peer‑to‑Peer Trading by 2027

TL;DR: Russia’s State Duma approved a crypto regulation bill in its first reading with 327 of 340 deputies voting in favor. The law will ban peer‑to‑peer cryptocurrency trades without licensed intermediaries starting July 1 2027, while preparatory blocking measures begin in 2026.

Context: The government‑sponsored bill, titled “On Digital Currency and Digital Rights,” aims to create a regulated framework for digital financial assets. As a priority initiative, it is expected to move smoothly through the remaining readings in the Duma.

Key Facts: The vote tallied 327 in favor out of 340 deputies. From July 1 2026, citizens and businesses may acquire crypto only through licensed intermediaries, and only assets meeting high market‑capitalization, volume, and history thresholds will be eligible for organized exchange trading. Domestic crypto payments remain prohibited, but the asset may be used to settle foreign trade. Preparatory payment‑blocking and blacklisting systems start in 2026, with the full P2P ban taking effect in 2027.

Market Data & Mechanism: Bitcoin (BTC) traded at $27,300, down 2.1% over the past 24 hours, with a market capitalization of roughly $530 billion. Ethereum (ETH) stood at $1,800, up 0.9%, market cap near $220 billion. The global crypto market cap hovered around $1.2 trillion. Under the law, a state‑run digital depository will hold crypto assets, limiting withdrawals to licensed foreign institutions and blocking transfers to personal wallets. The central bank can impose withdrawal limits; non‑qualified investors must pass a test and face annual purchase caps, while qualified investors enjoy fewer restrictions.

What It Means: Russian retail users will lose direct P2P access to crypto by 2027, pushing trading onto licensed platforms and potentially reducing transaction volumes on decentralized exchanges. Businesses engaged in international trade may gain a legal channel to use crypto for settlement, which could modestly increase demand for major tokens like BTC and ETH in cross‑border invoicing. The licensing regime may consolidate market power among a few approved intermediaries, affecting competition and fees.

Watch for: The second reading in the State Duma, where deputies will propose amendments; the subsequent Federation Council vote; and any shifts in Russian crypto exchange volumes or foreign‑trade settlement data as the 2026 preparatory measures roll out.