Legislative Focus on Digital Finance
Russian legislators have announced that cryptocurrencies and stablecoins will be a central focus of their legislative efforts in the upcoming year. The creation of a comprehensive legal framework for digital finance is set to be a top priority as Russia continues to move towards regulating its crypto space.
The pledge was made by a prominent member of the parliament who holds significant influence over the legislative process in this domain. Digital finance is expected to be one of the most important topics addressed, alongside Islamic banking and efforts to combat fraud, according to Anatoly Aksakov, chairman of the Financial Markets Committee at the State Duma, the lower house of the Russian parliament.
Aksakov emphasized that legislators will prioritize establishing a legal framework in these key areas. This statement followed a discussion held at a conference dedicated to banking law. He further elaborated on the focus for the upcoming year: "The focus will be on the development of the market for digital financial assets (DFAs), cryptocurrencies, and stablecoins."
Existing Framework and Future Developments for DFAs
The issuance and placement of Digital Financial Assets (DFAs), which include instruments like tokenized assets and securities, were previously regulated by the Russian law “On Digital Financial Assets,” enacted several years ago. However, categories such as decentralized digital currencies like Bitcoin and fiat-pegged stablecoins like Tether were not included within the scope of that act.
These digital currencies have largely remained in a regulatory gray area in Russia. While some related activities, such as cryptocurrency mining, have been addressed with dedicated legislation adopted in 2024, the broader regulatory landscape for cryptocurrencies and stablecoins is still being developed.
Looking ahead, Aksakov revealed that starting next year, debt-based DFAs will be treated similarly to traditional bonds for tax purposes, a move he believes will stimulate rapid market expansion. Additionally, his committee recently approved a bill aimed at regulating the issuance of digital financial assets backed by mortgages. Aksakov expressed confidence that, upon passage by the Duma, this law will further increase the adoption of such products, stating, "This will open up opportunities for integrating DFAs with the housing market and other assets, strengthening the investment role of digital finance as an alternative to bank lending and traditional bonds."
Crypto Regulations and the Digital Ruble on the Horizon
Anatoly Aksakov also reminded that the Central Bank of Russia (CBR) has previously indicated its intention to implement comprehensive crypto regulations in 2026. Shifting from its long-held stance against permitting free crypto transactions within the Russian economy, the regulator has recently signaled its readiness to support a relaxation of rules governing the circulation of cryptocurrencies.
Currently, crypto assets and their derivatives can only be acquired, traded, and spent within a restricted “experimental legal regime” (ELR) and are accessible to a limited group of privileged market participants. This includes companies engaged in foreign trade, financial firms, and investors classified as “highly qualified.”
The monetary authority is actively engaged in discussions with the Ministry of Finance regarding how to broaden investor access and regulate transactions occurring outside the ELR. Earlier announcements from the Bank of Russia indicated plans to permit banks to engage with digital coins and allow funds to invest in crypto-based derivative instruments.
Furthermore, Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, disclosed this week that both regulatory bodies are considering the classification of stablecoins as a distinct category. In September, Russia officially recognized the Russian-ruble pegged stablecoin A7A5 as a digital financial asset. This stablecoin constitutes nearly half of the non-dollar stablecoin market and is intended for use in foreign trade, notwithstanding Western sanctions.
The year 2026 is also anticipated to witness the widespread implementation of the digital ruble, a development that Russian authorities are hopeful for. The central bank digital currency system, developed by the CBR, is slated for public rollout in stages, with the initial phase commencing on September 1.