Russia Will Allow Crypto Investing But With Limits

Russia is preparing to finalize a comprehensive cryptocurrency regulatory framework by mid-2026, with a decisive legislative vote scheduled for late June 2026.

The initiative is being led by Anatoly Aksakov, Chairman of the State Duma’s Financial Markets Committee, and represents a clear shift from the Central Bank of Russia’s historically restrictive stance toward digital assets.

Rather than an outright ban, the new model embraces what lawmakers describe as “controlled participation”, allowing crypto trading and investment under strict supervision, licensing, and investor classification rules.

Two-tier system for crypto investors

At the core of the proposal is a two-tier access framework that separates retail participants from professional investors, aiming to expand market access while limiting systemic and consumer risk.

For non-qualified (retail) investors, annual crypto purchases would be capped at 300,000 rubles per intermediary, roughly $3,300–$3,800 depending on exchange rates. Before being allowed to trade, retail users would be required to pass a mandatory risk and knowledge assessment, designed to ensure basic understanding of volatility and potential losses. Their access would also be limited to a whitelist of highly liquid assets, expected to include Bitcoin and Ethereum, with possible additions such as Solana or Toncoin.

Qualified (professional) investors, by contrast, would face no purchase limits and gain access to a wider range of digital assets. However, the framework draws a hard line against privacy-focused cryptocurrencies. Assets such as Monero and Zcash would remain prohibited for all investor categories, reflecting long-standing concerns around traceability and enforcement.

Clear timeline through 2027

Lawmakers have outlined a phased rollout designed to give institutions and regulators time to adapt. The final legislative vote is scheduled for June 2026, with the full legal trading framework expected to come into force on July 1, 2026.

This will be followed by the national rollout of the digital ruble beginning September 1, 2026, initially targeting large merchants. Enforcement measures will escalate later, with penalties for unregistered or illegal crypto intermediaries starting July 1, 2027, mirroring existing laws governing illegal banking activity.

Exchanges, payments, and sanctions strategy

On the infrastructure side, major Russian trading venues have already signaled readiness. Both the Moscow Exchange(MOEX) and the St. Petersburg Exchange have confirmed they can launch regulated crypto trading as soon as the legal framework is activated.

The legislation maintains a strict ban on domestic crypto payments. Cryptocurrencies and stablecoins will be classified as monetary assets for investment purposes only, not as legal means of payment inside Russia. This preserves the primacy of the ruble in everyday transactions.

At the same time, the framework introduces a significant exception for cross-border trade. Stablecoins will be permitted for foreign trade settlements, a move widely interpreted as a mechanism to reduce friction from international sanctions and maintain access to global commerce channels.

A strategic recalibration

Taken together, the proposals signal a pragmatic recalibration of Russia’s crypto policy. Rather than suppressing the market entirely, the state is opting to channel crypto activity into licensed venues, tightly control retail exposure, and selectively use digital assets where they offer strategic advantages, particularly in international trade.

If passed as planned, the framework would place Russia among a growing group of jurisdictions experimenting with state-managed crypto markets, blending access, restriction, and geopolitical considerations into a single regulatory model.

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