What the legislation actually says

Federal Law No. 418-FZ creates a dual-track system: Russian residents may buy, sell, and hold digital assets through Bank of Russia-licensed platforms, but cannot use crypto to pay for domestic goods or services. The law defines "digital currency" as an electronic code representing value that can be transferred or traded, excluding the digital ruble issued by the central bank. Cross-border settlements using crypto are permitted for foreign trade contracts, a provision aimed at bypassing Western payment rails. The Bank of Russia must publish the registry of authorized operators within 90 days and may revoke licenses for non-compliance with anti-money-laundering rules.

The procedural path ahead

The State Duma passed the bill in its third reading on July 30; the Federation Council approved it August 7. President Putin's signature on August 8 starts the 90-day clock for the central bank to establish licensing criteria and publish the operator registry. Comments on draft regulations are due by September 15. The first licenses are expected to be issued by November 1. Appeals against license denials go to the Moscow Arbitration Court. A separate bill on crypto mining taxation remains in committee and could modify the framework before year-end.

Affected firms and tokens

The law applies to any platform offering crypto trading services to Russian residents, including foreign exchanges that onboard Russian users. Binance, Bybit, and OKX have not announced compliance plans. Local players such as BitRiver and the Moscow Exchange's digital asset subsidiary are positioned to apply first. The legislation does not name specific tokens; any asset meeting the statutory definition falls under the regime. Stablecoin issuers must obtain separate authorization from the Bank of Russia to operate in the jurisdiction.

Market reaction and the long-term read

Ruble-denominated BTC volume on local platforms rose 12% in the 48 hours after the presidential signature, according to exchange order-book data. The ruble strengthened 0.4% against the dollar in the same window, limiting BTC/RUB gains to roughly half the BTC/USD move. Analysts at Kaiko noted that the cross-border settlement clause could redirect $3-5 billion monthly in trade flows to crypto rails if major exporters adopt it. The central bank's registry will determine whether the framework becomes a functional on-ramp or a paper barrier; licensing costs and capital requirements have not yet been published.

Key dates in the next 90 days

| November 8 | Moscow Arbitration Court hears first license-denial appeal (if filed) |