Federal Law on Digital Currencies and Digital Rights: CLS Legal Alert

On August 4, 2026, Federal Law No.282-FZ “On digital currencies and digital rights” (hereinafter the “Law”) was signed.

The Law establishes a comprehensive legal framework for digital currencies (crypto assets), digital rights and foreign digital instruments, replacing the previously fragmented regulatory regime with a single document.

The main provisions of the Law took effect on September 1, 2026; however, the provisions critical to the market – regarding the organization of digital currency transactions through specialized operators and restrictions on bank transfers – will take effect on July 1, 2027, and the anti-fraud requirements will take effect on September 1, 2027.

In this overview, we will briefly examine the new regulations, highlight the most significant restrictions, and outline practical steps that businesses should take now.

WHAT DOES THE LAW REGULATE?

The scope of regulation covers four areas (Part 1 Article 1 of the Law):

Organization of trading, accounting and circulation of digital currencies and foreign digital instruments, as well as mining;
Issuance, organization of circulation, recordkeeping and circulation of digital rights;
Activities of the operator of an information system in which digital financial assets are issued, the organization engaged in the exchange of digital currencies and the digital depository;
Activities of brokers, managers, management companies, trading organizers and clearing organizations with respect to digital currencies and digital rights.

The Law introduces a comprehensive conceptual framework (Article 2 of the Law), including three categories of objects:

Digital currencies – property in the form of a set of electronic data in an information system, which is offered and/or may be accepted as a means of payment that is not a monetary unit of the Russian Federation or a foreign state / an international unit of account, and/or as an investment, and with respect to which there is no entity liable to each holder of such property, with the exception of the operator and/or nodes of the information system, which are obligated only to ensure that the procedure for issuing such property and performing actions related to entering (or amending) records in such an information system complies with its rules;
Digital Rights – mandatory and other rights designated as such by law, the content and conditions for exercising which are determined in accordance with the rules of an information system that meets the criteria established by law;
Foreign digital instrument – property consisting of contractual and other rights the registration of which is carried out not in accordance with Russian law in an information system organized not in accordance with Russian law, with the exception of foreign securities that, in accordance with the personal law of the person obligated under them, are classified as securities;

Please note that requirements of the Law do not apply to non-cash and electronic funds or to the issuance, registration or circulation of book-entry securities, with the exception of restrictions on transfers in cases of unlawful organization of digital currency circulation (Article 21 of the Law).

SETTLEMENTS AND ORGANIZATION OF DIGITAL CURRENCY CIRCULATION

The Law retains and clarifies the previously existing ban on accepting digital currencies and digital rights as a means of payment or consideration for goods, information, intellectual property (including exclusive rights thereto), works and services (Part 6 Article 1 of the Law). The ban also extends to the dissemination of relevant information, including in advertising (Part 9 Article 1 of the Law).

Permitted uses of digital currencies and rights as means of payment are limited (Part 7 Article 1 of the Law):

Settlements under foreign trade contracts between residents and non-residents;
Receipt of digital currencies as a result of mining and as compensation for confirming entries in an information system;
Payment in digital currencies of fees provided for by the rules (technical specifications) of the relevant information system;
Payment with digital currencies or digital rights for securities, other digital currencies or digital rights, subject to compliance with the requirements of the Law.

Only the following entities specified in the Law are authorized to organize the circulation of digital currencies: a trade organizer (facilitating transactions on organized exchange), a broker (executing client orders), a manager and management company (trust management), a digital depository (record-keeping, transfers and providing access to identifier addresses), an organization engaged in the exchange of digital currencies, as well as clearing organizations (Articles 14–18, Part 3 Article 1 of the Law).

To conduct business, an organization must either hold a license to carry out its primary activities (applicable, for example, to brokerage firms) or be listed in one of the three registries administered by the Bank of Russia:

Registry of organizations engaged in digital currency exchange,
Registry of digital depositories;
Registry of information system operators.

The most attractive status is that of an organization engaged in digital currency exchange: to obtain this status, an organization must meet strict requirements as to both capital (at least 15 million rubles – Part 3 Article 44 of the Law) and infrastructure (primary and backup complexes of software and hardware must be located within the territory of the Russian Federation – Part 4 Article 44 of the Law).

For organizations engaged in digital currency exchange, digital depositories and information system operators, requirements have also been established regarding the business reputation and qualifications of management bodies and founders (shareholders) (Articles 49 and 50 of the Law), the obligation to establish internal controls, risk management and internal audit (Articles 46 and 47 of the Law), as well as to become a member of a relevant self-regulatory organization (SRO) in the financial market sector within 90 days (Articles 6, 17 and 18 of the Law).

Starting July 1, 2027, residents are allowed to conduct transactions and operations involving digital currencies only through entities that organize their circulation or directly with such entities (Part 1 Article 30 of the Law), with the exception of certain scenarios (for example, the use of digital currencies in the execution of foreign trade contracts). At the same time, facilitating transactions that circumvent this procedure is not allowed, including providing information on how to carry them out and supplying the relevant software (Part 2 Article 30 of the Law).

As of the same date, credit institutions and branches of foreign banks are required to deny transfers to unauthorized recipients – persons suspected of organizing the circulation of digital currencies without being included in the registry – as well as cross-border card transfers where relevant transaction codes are present (Article 21 of the Law).

MINING: REGISTRIES AND REPORTING

The Law further regulates issues related to the mining (production) of digital currencies and distinguishes between two categories: persons engaged in cryptocurrency mining and persons acting as mining infrastructure operators (providing computing power for cryptocurrency production). Russian legal entities and individual entrepreneurs may engage in these activities upon being included in the relevant registry, which is maintained by the Russian Federal Tax Service.

To be included in the registry, an individual entrepreneur or an officer of a legal entity must meet business reputation requirements (have no unexpunged or unspent criminal record for economic and certain other crimes, and not be listed on anti-money laundering or sanctions lists).

Persons who are not individual entrepreneurs are entitled to engage in mining without being included in the registry, but only within the energy consumption limits established by the Russian Government (Part 2 Article 3 of the Law).

Regardless of whether they are included in the registry, all persons engaged in mining are required to provide the Federal Tax Service with information on the receipt of digital currencies and on address identifiers, including the mining pool address, and the Russian Government has the right to prohibit or restrict mining in certain Russian regions and territories (Part 11 Article 3 of the Law).

The status of an entity organizing a mining pool’s operations is regulated separately: this may only be a Russian legal entity or an individual entrepreneur that meets the business reputation requirements specified above. A mining infrastructure operator is not allowed to provide services to individual entrepreneurs or legal entities that are not included in the registry of miners or have been removed from it (Part 7 Article 3 of the Law).

INVESTOR ACCESS: TESTING AND LIMITS

The law provides for a possibility of investing in cryptocurrency for two categories of investors:

Unqualified investors may purchase cryptocurrency, provided they meet all four of the following conditions: a positive test result for the individual; acknowledgment of the notice regarding heightened risks; compliance with the maximum purchase amount per calendar year set by the Bank of Russia; and the digital currencies being admitted to public trading on organized exchanges (Part 1 Article 31 of the Law).
For qualified investors, it is sufficient to meet the first two conditions; in this case, they may purchase digital currencies that are not admitted to public trading.

The criteria for admitting assets to public trading are extremely narrow (Part 13 Article 31 of the Law): average market capitalization over two calendar years of more than 5 trillion rubles, average daily trading volume of more than 1 trillion rubles and disclosure of closing prices by a licensed foreign trading operator for at least five years, with an average trading volume of at least 100 billion rubles. The Bank of Russia’s board of directors has the authority to designate, for a period of up to six months, assets that may be exempt from these criteria.

Digital currency lending is regulated separately: the lender may only be a broker, a trust manager, an organization engaged in digital currency exchange or a clearing organization; if the borrower is an individual who is not a qualified investor, the agreement must provide the right to choose whether to settle in rubles or in digital currency (Parts 4 and 5 of Article 30 of the Law).

LIABILITY AND RISK ALLOCATION

The Law stipulates that entities organizing the circulation of digital currencies, the operator and the clearing organization are not liable for losses caused by a disruption in the operation of an information system not organized under Russian law, including the inaccuracy of information contained therein and the incorrect execution of algorithms (Part 1 Article 20 of the Law). A contract, including trading rules, may provide for exemption from liability for losses caused by actions of foreign entities to seize assets or restrict transactions involving them (Part 5 Article 20 of the Law) – in essence, a contractual allocation of sanctions and freezing risks.

At the same time, the digital depository is liable for the completeness and accuracy of records in digital accounts and for losses resulting from the unlawful disposal of a depositor’s assets; however, this liability may be limited by contract if the losses are caused by unlawful actions of third parties (Part 2 Article 20 of the Law).

The consequences of violating the terms and conditions for conducting transactions or unlawfully classifying a client as a qualified investor are strictly defined: an entity organizing the trading of digital currencies is obligated to repurchase digital currencies from a client upon the client’s request, compensate for losses and reimburse all expenses incurred by the client, including the intermediary’s own commission (Part 12 Article 31 of the Law).

EFFECTIVE DATES AND TRANSITIONAL PROVISIONS

The Law took effect on September 1, 2026, with the exception of certain provisions (Article 56 of the Law).

The transitional provisions (Article 55 of the Law) provide, in particular, for:

Continuation of the special regulatory framework established by the Bank of Russia’s experimental legal regime program until the terms specified therein expire, with the Bank of Russia retaining the right to terminate the experimental legal regime early;
Expedited registration process for participants in the experimental legal regime (authorized organizations and liquidity providers) and for information system operators: documents must be submitted by September 1, 2027; a decision will be made no later than one business day after the documents are received, and entities must make their activities compliant with the Law no later than September 1, 2027;
Similar expedited procedure for credit institutions and brokers wishing to be included in the registry of organizations engaged in exchange of digital currencies (documents must be submitted by September 1, 2027);
For existing operators of information systems included in the registry in accordance with Federal Law No.259-FZ of July 31, 2020 “On digital financial assets, digital currency and on amending certain legislative acts of the Russian Federation” (hereinafter “Federal Law 259-FZ”), the deadline for becoming compliant is September 1, 2028, with notification to the Bank of Russia, provided the aforementioned federal law remains in effect until that time;
Right of residents, until June 30, 2027, to systematically conduct transactions involving the purchase and sale of digital currencies on their own behalf prior to inclusion in the registry (Part 28 Article 55 of the Law);
Until September 1, 2027, there is the opportunity to credit digital currencies to the digital accounts of resident depositors who were not recorded at addresses administered by digital depositories, without complying with the restrictions of Part 5 Article 31 of the Law;
Two-year deferral of the application of the Bank of Russia’s qualification requirements regarding work experience of current managers and officers, as well as a deferral until January 1, 2029 regarding industry-specific accounting standards for organizations that do not combine their activities with those of financial institutions;
Right of digital financial asset (DFA) exchange operators included in the registry under Federal Law 259-FZ to conduct business in accordance with the rules of Federal Law 259-FZ until March 1, 2027.

Please note that a significant portion of the legal framework remains subject to future regulations: the Bank of Russia and the Russian Government are to determine the lists of documents and grounds for denying inclusion in the registries, capital requirements, maximum amounts for the purchase and transfer of digital currencies, the list of digital currencies permitted for public circulation, requirements for digital analysis rules and for providers of such services, along with energy consumption limits for mining. Until the relevant regulations are adopted, previously adopted regulations on similar matters shall apply (Parts 20, 24, and 25 of Article 55 of the Law). The Russian Government, in consultation with the Bank of Russia and the Federal Security Service, has the right to establish a special regime for circulation of digital currencies that differs from that provided for by the Law (Part 18 Article 1 of the Law).

WHAT SHOULD BUSINESSES DO?

The Law affects a significantly broader range of entities than just crypto market participants in the narrow sense. Our recommendations are as follows:

Credit institutions, brokers, managers and trading organizers should assess the economics and compliance burden of this new line of business, prepare documents for inclusion in the registry and develop internal methodologies for identifying “unauthorized recipients” and procedures for denying transfers by July 1, 2027;
Companies using digital currencies in foreign trade settlements should document the link between transactions and a foreign trade contract: this is the basis for exempting transactions from most restrictions, and it will be the focus of audits by banks, the Federal Tax Service and Rosfinmonitoring;
Miners and mining infrastructure operators should verify that they are included in the Federal Tax Service registries, ensure compliance with business reputation requirements, set up reporting on received digital currencies and identifier addresses and include a clause in contracts with clients requiring confirmation of their registration in the miners registry;
Issuers and companies considering raising funds through digital financial assets should analyze the applicable category of digital rights (debt DFAs, digital shares, utility or hybrid digital rights), requirements for issuance decisions, disclosure obligations and restrictions on non-accredited investors;
Businesses that accept payments and marketing departments should review payment scenarios, web sites, and promotional materials: the ban applies not only to accepting digital assets as payment, but also to disseminating information about such a possibility;
IT companies and developers should assess risks under Part 2 Article 30 of the Law: providing software and informing users about methods for conducting transactions in circumvention of established procedures are explicitly classified as prohibited facilitation;
All market participants should develop their contractual framework in advance: the allocation of liability for a digital depository, provisions regarding sanctions and freezing risks, the terms of agreements with digital analytics service providers, as well as internal documents on internal control, risk management and conflict of interest.

We will continue to monitor secondary legislation – primarily the Bank of Russia’s regulations on the procedure for inclusion in registries, maximum amounts for non-qualified investors and the list of digital currencies permitted for public circulation, and will keep you informed. The CLS Financial Technology and Digital Assets practice team is ready to assist you in structuring your operations in accordance with the new rules, preparing documents for the Bank of Russia and assessing the impact of the Law on existing business models and contractual documentation.

Additional information

If you have any questions regarding the regulation of digital currencies in Russia, please contact Victor Kaluzhski, Head of IP group (+7 812 346 7990, vkaluzhski@cls.ru), or Gleb Apenkin, Of Counsel (+7 812 346 7990, gapenkin@cls.ru).

The purpose of this review is to provide CLS clients and other interested parties with the most up-to-date information on changes in legislation that may, to some extent, affect their activities or cater to their interests in any way. The opinions and commentaries provided in this review of changes in legislation shall not be deemed legal advice and do not cancel the need to obtain legal advice or legal opinion on separate issues.

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