Russia has passed a long-awaited law establishing a legal framework for cryptocurrency trading, allowing Russians to buy and sell major digital assets through Central Bank-regulated intermediaries while maintaining a ban on using cryptocurrencies for domestic payments.
The legislation, adopted after years of debate, is part of the Kremlin's broader effort to formalize the cryptocurrency market while preserving tight state oversight. Authorities have increasingly turned to cryptocurrencies to facilitate cross-border trade as Western sanctions have restricted access to the global financial system, but they have also sought to limit unregulated domestic use.
The new rules create a regulated market for cryptocurrency trading similar to Russia's securities market, requiring exchanges, brokers, custodians and other service providers to obtain Central Bank licenses by July 1, 2027.
Under the legislation, cryptocurrencies will remain prohibited as a means of payment inside Russia. Instead, individuals will be allowed to buy and sell cryptocurrencies only through licensed market participants operating within infrastructure overseen by the Central Bank.
Retail investors will have to pass a knowledge test before trading cryptocurrencies. Investors who are not classified as "qualified" — about 98% of Russian investors, according to the Central Bank — will be limited to purchasing no more than 300,000 rubles ($3,840) worth of cryptocurrencies per year through any single intermediary.
