Russian President Vladimir Putin signed a law regulating cryptocurrency exchanges and allowing retail and qualified investors to buy cryptocurrencies through certified financial intermediaries.
The rules apply to crypto exchanges, digital depositories, brokers, asset managers, organized trading platforms and clearing providers, but the ban on using cryptocurrency as a payment method remains.
From 1 September 2026, non-qualified investors will be permitted to purchase only crypto-assets that have been approved by the regulators as being the most liquid. As before, investors will be required to pass a suitability test before they can purchase 300,000 rubles’ worth of crypto-assets through each intermediary annually.
Qualifications and tests for eligible assets have not been published. Qualified investors can trade virtually any amount of cryptocurrency as long as a test is passed.
Market operators shall comply with licensing and capital requirements. A crypto-exchange provider must be registered in a special register, hold at least 15 million rubles in equity capital, and be a member of a self-regulatory organization of the financial market.
Providers and digital depositories may continue their activities without registration until 1 July 2027. Minimum capital requirements for digital depositories depend on the financial services they provide and are between 50 million and 250 million rubles.
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Banks and Russian subsidiaries of foreign companies will be required to block transactions to services involved in illegal operations of suspected crypto exchange providers, while holders of digital currencies will be provided legal protections if their assets had not been registered in advance.
The framework also allows investors to exchange cryptocurrencies for securities and Russian-law digital rights through regulated channels.
Cryptocurrency also cannot be used as a means of payment for goods, services, information and intellectual property inside Russia, nor can it be advertised as such.
The exception is foreign-trade contracts, which can be between Russian residents and nonresidents. Exporters and importers can use crypto for cross-border settlements, either through intermediaries or directly with wallets, without any limits, but they must report transactions and pay taxes.
The framework does not preempt foreign sanctions, and U.S. sanctions still generally apply to crypto transactions involving blocked Russian parties. Foreign exchanges, wallet providers, and offshore companies must comply with their countries’ sanctions laws.
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The Bank of Russia is drafting rules on organized trading, pricing, custody, asset registers and oversight. The depositary will be launched in September if the regulator finalizes its approved-asset list, testing of investors, registries and operating rules. Other technical and transfer measures are set to go into effect in 2027.
