Russia introduces cryptocurrency regulation
The State Duma adopted a law governing the circulation of cryptocurrencies in Russia in the second and third readings. The law will come into effect on 1 September 2026.
Both non-qualified and qualified investors will be able to carry out transactions with cryptocurrencies via intermediaries. Non-qualified investors will be permitted to buy most liquid cryptocurrencies for not more than ₽300,000 a year via one intermediary after passing a test. Qualified investors will have to pass the test as well but they will be allowed to purchase and sell any cryptocurrencies without a limit on the amount.
Policymakers are setting up a regulated infrastructure for the circulation of cryptocurrencies. It will comprise both existing financial institutions and new market participants – crypto exchanges and digital repositories. Crypto exchanges will buy and sell cryptocurrencies and digital repositories will record rights to these assets. It will be possible to conduct cryptocurrency transactions via both brokers and management companies, including on organised trading platforms. Investors will be able not only to buy and sell cryptocurrencies but also exchange them for securities and digital instruments issued in compliance with Russian law (digital rights). The requirements for cryptocurrencies will also apply to foreign stablecoins.
It is worth noting that it still will be prohibited to use cryptocurrencies in payments within Russia.
Exporters and importers will be permitted to use cryptocurrencies in cross-border payments without limitations. These transactions may be conducted via intermediaries and directly using any types of wallets and cryptocurrencies.
Russian residents will be able to make transactions with cryptocurrencies abroad only across foreign bank accounts and transfer cryptocurrencies bought in Russia to other countries via regulated intermediaries. Holdings of cryptocurrencies recorded abroad must be reported to tax authorities.
The law introduces a transition period through 1 July 2027 for market participants to obtain licences and bring their operations in compliance with the new requirements.
The new law also provides for further development of the regulation of Russian digital rights. From now on, they may be issued in public networks in addition to information system operators’ platforms. Transactions with digital financial assets may be conducted via intermediaries or organised trading. This will ensure broad access to these instruments for private investors and greater opportunities for issuers to raise investments.