Russia is taking a new step in regulating digital assets with the adoption of a long-awaited law on crypto transactions. After several months of parliamentary debates, President Vladimir Putin signed the text which defines the rules applicable to investors, platforms and financial institutions. This reform establishes an unprecedented regulatory framework in the country and provides for gradual implementation from September 1, 2026.
In brief
- Russia legalizes cryptocurrency transactions thanks to a new regulatory framework which will come into force on September 1, 2026.
- Purchases and exchanges of cryptocurrencies will be permitted, but payments in digital assets will remain prohibited.
- Platforms, banks and depositories will need to obtain approval from the Central Bank of Russia to carry out their activities.
- Retail investors will be subject to a knowledge test and an annual limit of 300,000 rubles for their purchases.
- From July 1, 2027, all cryptocurrency transactions must go through approved intermediaries.
Russia implements its first comprehensive regulatory framework
President Vladimir Putin signed the law titled “On Digital Currency and Digital Rights”, marking an important step in the organization of the cryptocurrency market. This text, which has nearly 300 pages, constitutes the first comprehensive regulation dedicated to digital assets in the country. It had already received approval from both houses of Parliament before its official promulgation.
The bill was presented in April before being examined by parliamentarians. The State Duma adopted it on July 21, then the Federation Council validated it on July 24. Initially expected earlier in the summer, its entry into force was finally set for September 1, 2026 in order to allow several technical adjustments to certain provisions.
Russia now allows several operations related to digital assets, including investment and trading activities. On the other hand, the text still prohibits the direct use of cryptocurrencies as a means of payment. The ruble thus retains its status as the only legal tender for payments on the national territory.
This reform also sets specific obligations for market players. Specialized platforms, traditional financial institutions and various intermediaries will have to respect a defined framework in order to offer services around crypto in a regulated environment.
Crypto platforms will have to comply with strict requirements
The new system requires that all cryptocurrency operations only go through platforms approved by the Central Bank of Russia. This obligation aims to centralize trading activities under the direct supervision of the monetary authority. Companies wishing to operate must obtain the necessary authorizations before offering their services.
Exchanges, conversion offices between fiat currencies and digital assets, clearing houses as well as several categories of intermediaries will be able to participate in the market. Banks will also be among the establishments authorized to intervene in this new regulatory environment when they meet the criteria provided for by law.
The text also creates a new category of actors called digital depositories. These organizations will ensure the conservation of digital assets and the accounting of transactions carried out by their clients. Depositories must be registered with the Central Bank and have capital of between 50 and 250 million rubles depending on their activities.
At the same time, these platforms will be required to keep all transaction histories and monitor transfers made by their users. They will have to detect movements deemed suspicious in the crypto ecosystem in order to meet the requirements provided for by the new regulatory framework.
Individual investors remain subject to several limits
The most visible change concerns individuals wishing to invest in cryptocurrencies. For the first time, residents will be able to legally acquire and hold Bitcoin and other similar digital assets. However, this possibility is accompanied by several restrictions intended for non-professional investors.
Before any investment, each user will have to pass a test to assess their knowledge of these assets and the associated risks. This procedure will determine its level of access to the regulated market. People considered unqualified will only be able to access certain cryptocurrencies among the most important on the market.
The law also provides for an annual investment ceiling. Non-qualified investors will be able to purchase up to 300,000 rubles of cryptocurrency per year, only through a single licensed broker. Financial brokers and management companies will act as intermediaries between investors and platforms, including when they are established abroad.
A recent survey published by the Russian opinion research center VCIOM (ВЦИОМ), and relayed by Cryptopolitannevertheless shows that nearly 70% of citizens do not see any major utility in cryptocurrencies despite their upcoming legalization. In Russia, these assets will mainly retain an investment role since their use for payments remains prohibited.
Banks gain new supervisory powers
The text also grants significant prerogatives to banks. Financial institutions will be able to block any transaction related to cryptocurrencies when they consider it necessary. A mandatory 48-hour cooling-off period will also apply to transfers between digital wallets as well as conversions to fiat currency accounts.
Only assets with the highest capitalization, high liquidity and a sufficiently long price history will be able to circulate freely on regulated platforms. According to the criteria mentioned by the Deputy Governor of the Central Bank, Bitcoin, Ethereum and USDT currently meet these conditions.
The legislation also complements the 2021 Digital Financial Assets Act. On the other hand, it does not directly mention stablecoins, even if several of these assets could fall within the scope of the new rules depending on the criteria used by the authorities. Wallets opened with authorized institutions will become the main means of receiving, storing and transferring digital assets within the territory.
Finally, self-hosted wallets will remain permitted for individuals participating in international economic activities. From July 1, 2027, however, crypto transactions carried out by residents and businesses in Russia must go exclusively through approved intermediaries. The Bank of Russia has already started publishing draft guidelines intended to clarify future rules regarding exchange, custody and margin trading of digital assets.
This reform now opens a new phase of crypto regulation in Russia. The coming months will allow us to observe the publication of the implementing texts as well as the implementation of the necessary procedures before the entry into force of the system in September 2026. The authorities will then continue the development of additional rules planned for 2027 in order to regulate all operations carried out on the digital assets market within this new legal framework.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
