Russia legalizes crypto trading under central bank supervision while maintaining a ban on payments.
Regulation & Gov ·
President Vladimir Putin signed Russia's first comprehensive cryptocurrency law, establishing a licensed trading framework under central bank supervision while preserving the existing ban on using digital assets as payment for goods and services. The legislation governs exchanges, custodians, brokers, and mining operations. Only registered firms may operate exchanges after a July 1, 2027 deadline, with a minimum capital requirement of 15 million rubles (approximately $187,000) and mandatory membership in a self-regulatory body. The framework also restricts retail investors to purchasing the most liquid cryptocurrencies through licensed intermediaries, capped at 300,000 rubles annually, while qualified investors face no such limit.
Most provisions take effect September 1, complementing the central bank's digital ruble initiative. Banks must reject transfers suspected of routing through unregistered providers. Notably, the law permits settlements under foreign trade contracts involving residents and nonresidents, as well as transactions in mined coins and transfers within digital asset platforms—carve-outs that may allow cross-border trade to continue despite Western sanctions pressure on Russia.
The law grants crypto holders legal protection and court recourse regardless of prior asset declaration, while simultaneously granting the state a regulated, monitored channel for digital asset activity. Whether these exceptions will enable sanctions evasion or remain narrowly confined remains to be tested as implementation begins.