Russia launches regulated crypto trading under new law

Russia’s new cryptocurrency law entered into force on Sept. 1, creating a regulated environment for trading, custody and cross‑border settlements. The framework distinguishes between non‑qualified (retail) and qualified investors, each subject to specific testing and limits.

Investor categories and limits

Non‑qualified investors may purchase up to 300,000 rubles of eligible cryptocurrencies per year through each registered intermediary after passing a suitability test. Qualified investors face no purchase ceiling but must also complete testing.

Eligible digital assets

The Bank of Russia proposed Bitcoin (BTC), Ether (ETH) and Tether (USDT) as the first assets eligible for regulated retail trading. Final eligibility will depend on criteria such as market capitalization, daily volume and at least five years of price history on foreign platforms.

Regulatory requirements for market participants

• Crypto exchanges must join a special register, hold a minimum of 15 million rubles in equity and become members of an approved self‑regulatory organization.
• Digital depositories must meet capital standards ranging from 50 million to 250 million rubles, depending on services offered.
• The Bank of Russia will maintain registers of licensed exchanges, depositories and other intermediaries.

Transition timeline

Businesses have until July 1 2027 to obtain the required licences and align operations with the new rules. Some technical provisions, including those on digital asset issuance, will take effect on Sept. 1 2027.

Cross‑border settlements

While crypto payments for domestic goods and services remain prohibited, exporters and importers may use cryptocurrencies for cross‑border settlements without a limit. Transactions can be conducted through regulated intermediaries or directly via wallets.

Industry response

Major banks are preparing services for the regulated market. Sberbank aims to launch trading and depository infrastructure by Dec. 1, and Alfa‑Bank has piloted crypto trading for qualified clients.