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Russia's first comprehensive legal framework for cryptocurrency trading, custody and cross-border settlements has taken effect on Sept. 1, opening regulated market access to retail and qualified investors under Bank of Russia supervision.
President Vladimir Putin signed the legislation on Aug. 4 after the State Duma passed the framework in its second and third readings in July. The law covers cryptocurrency exchanges, digital depositories, brokers, management companies, organized trading platforms and other financial institutions involved in digital asset transactions.
Two Tiers of Investor Access
The Bank of Russia said the rules allow both investor groups to conduct cryptocurrency transactions through regulated intermediaries, while access levels depend on investor status and mandatory testing. Non-qualified investors can buy up to 300,000 rubles worth of eligible cryptocurrencies each year through each intermediary, while qualified investors can trade without an amount limit.
Both groups must complete a suitability test before purchasing cryptocurrencies. Non-qualified investors can access only assets that meet liquidity requirements set by the regulator. The Bank of Russia's criteria for eligible cryptocurrencies consider market capitalization, average daily trading volume and pricing history on foreign platforms, with an asset required to have at least five years of price history. Bitcoin, Ether and Tether's USDT were among the assets the regulator proposed for regulated trading in August.
Russia changed its qualified investor rules shortly before the framework took effect. From Aug. 31, investors can gain qualified status by passing an approved domestic financial knowledge test and presenting an accepted Russian certificate. The new qualification route includes certificates issued by the National Finance Association, Moscow Exchange and the National Association of Securities Market Participants.
Crypto Exchanges Enter Regulated System
The law creates dedicated roles for cryptocurrency exchanges and digital depositories, bringing trading and custody services under a formal regulatory structure. Crypto exchanges will handle purchases and sales, while digital depositories will record rights to cryptocurrencies and other digital assets. Brokers and management companies can facilitate transactions, including through organized trading platforms.
Cryptocurrency exchange providers must enter a special register, hold at least 15 million rubles in equity and become members of an approved financial-market self-regulatory organization. The Bank of Russia will maintain registers of regulated market participants and has prepared operating requirements for exchanges, depositories and digital currency accounts. Digital depositories face separate capital standards, with draft regulations setting minimum equity between 50 million and 250 million rubles depending on the services offered.
Market participants do not have to complete the entire licensing transition immediately. The Bank of Russia has provided a transition period until July 1, 2027, for affected businesses to obtain licenses and bring their operations into line with the new requirements. Financial institutions have already started preparing services around the regulated structure. Sberbank plans to have cryptocurrency trading infrastructure and a digital depository ready by Dec. 1, while Alfa-Bank has tested cryptocurrency trading through its Alfa-Investments brokerage application with a limited group of qualified investors.
Cross-Border Settlements Get Legal Framework
The framework keeps Russia's prohibition on cryptocurrency payments for ordinary goods and services inside the country, meaning digital currencies do not become legal payment instruments for domestic commerce. Foreign trade receives different treatment. Exporters and importers can use cryptocurrency for cross-border settlements without an amount limit under the new framework, according to the Bank of Russia. Companies can conduct eligible transactions through intermediaries or directly using different cryptocurrency wallets and digital currencies.
The rules formalize a route for cross-border crypto settlements after Russia had previously tested such transactions under an experimental legal regime. Russian residents can conduct cryptocurrency transactions abroad using foreign bank accounts. Crypto purchased domestically can be transferred overseas through regulated intermediaries, while cryptocurrency holdings recorded abroad must be reported to Russian tax authorities.
The law extends beyond purchases and sales to cover mining, custody, settlement and reporting obligations. Companies involved in crypto mining will need to register with authorities and comply with energy consumption reporting requirements. The comprehensive nature of the framework marks a significant shift from Russia's previous cautious stance toward digital assets. Explore our coverage of global crypto market movements and Singapore's stablecoin regulations for comparison.
