According to The Block, Russia's State Duma has passed a cryptocurrency regulatory bill in its first reading, proposing to classify cryptocurrencies as "property," designate the Central Bank of Russia to license and regulate market participants, and introduce a tiered access mechanism for qualified and non-qualified investors. The bill explicitly prohibits the use of cryptocurrencies for domestic payments, with the ruble remaining the only legal settlement currency. However, it allows Russian enterprises to use cryptocurrencies for cross-border trade settlements with foreign counterparties as a way to bypass sanctions restrictions. The bill still needs to go through second and third readings, as well as review by the Federation Council, before being sent to the president for signing. If formally approved, it is expected to take effect on July 1, 2026.