Russia will open regulated cryptocurrency trading channels starting September 2026. Under the new law signed by Putin, both retail and qualified investors may participate in trading through approved intermediaries, but the scope of eligible assets, testing requirements, and transaction limits differ.
Retail investors should start with highly liquid assets.
Non-qualified investors may only purchase cryptocurrencies designated by regulators as "most liquid" and must first pass a suitability test. Under legal provisions, such investors are subject to an annual purchase limit of 300,000 rubles per intermediary.
Qualified investors must also complete the test, but after passing, they can buy and sell any cryptocurrency without monetary restrictions. Russian news agency TASS reported that an individual’s past cryptocurrency trading history may also serve as one of the factors in determining eligibility. The Central Bank of Russia still needs to issue more detailed implementation guidelines to enable intermediaries to apply them consistently.
The exchange must register and meet capital requirements.
The new law covers cryptocurrency exchanges, digital custodians, brokers, management companies, trading venues, and clearing institutions, and also addresses mining, custody, accounting practices, and foreign digital assets. However, the law does not recognize cryptocurrencies as legal tender for general consumer use within Russia.
Platforms providing cryptocurrency trading services to market operators must register on the "Special Register," maintain at least 15 million rubles in net assets, and join an approved self-regulatory organization for financial markets. The law also defines "systemic trading activity" as two or more transactions completed within a month with a combined value exceeding 3.5 million rubles.
Existing cryptocurrency service providers may continue operating until July 1, 2027, without immediately completing registration. This transition period differs from the March 1, 2027, deadline applicable to digital financial asset trading operators, which fall under a different category within the broader regulatory framework.
Domestic payments remain prohibited; foreign trade settlement is approved.
The new law continues to prohibit the use of cryptocurrencies for paying for goods, services, information, or intellectual property within Russia, as well as the promotion of digital currencies as a means of payment within the country.
However, in cross-border trade, Russian law explicitly permits Russian residents to use cryptocurrencies for settlement under foreign trade contracts with non-residents. The Central Bank of Russia states that exporters and importers may use cryptocurrencies for cross-border payments, with no limit on transaction amounts. Such transactions can be conducted either through intermediaries or directly via wallets, although certain foreign holdings must still be reported to tax authorities.
Nine months ago, several details were still pending.
The core provisions of this system will take effect on September 1, 2026. Prior to this, the Central Bank of Russia must complete several supporting rules, including the list of assets available for retail investors, investor testing procedures, organized trading rules, exchange supervision methods, and operational requirements for digital custodians.
Among them, the proposed minimum capital requirement for digital custodians ranges from 50 million to 250 million rubles, depending on the services provided. This requirement is calculated separately from the 15-million-ruble minimum capital threshold for trading service providers.
Additional information: The U.S. Department of the Treasury has previously made clear that sanctions against Russia apply equally to cryptocurrency transactions. This means that although Russian domestic law provides a basis for encrypted foreign trade settlements, it cannot eliminate sanctions or compliance obligations imposed by other jurisdictions.