Russia’s Ministry of Finance estimates that the country’s cryptocurrency turnover has reached roughly $650 million per day, or more than $130 billion annually, with most activity taking place in unregulated channels.
In response, officials are advancing a broad regulatory package aimed at bringing crypto into the formal financial system, with legislation expected to be finalized by July 1, 2026.
The proposed framework would allow licensed financial institutions to offer cryptocurrency services. Entities such as the Moscow Exchange (MOEX) and traditional brokerage firms would be permitted to provide spot trading and related services under state supervision.
Investor access would be tiered.
Non-qualified retail investors would be allowed to purchase up to 300,000 rubles (approximately $3,300-$3,800) annually in high-liquidity tokens such as Bitcoin and Ethereum, provided they pass a risk-awareness assessment. Qualified professional investors would face no trading caps after completing a knowledge test.
The framework also introduces separate licensing categories for crypto exchange offices, specialized custodians, and wallet providers.
Starting July 1, 2027, unlicensed intermediaries could face criminal or administrative penalties, mirroring enforcement mechanisms used against illegal banking operations.
Despite the shift toward legalization, the Russian central bank maintains firm restrictions.
Cryptocurrency will remain banned as legal tender for domestic goods and services. Authorities classify digital assets as an investable “currency value,” not as money.
However, a 2024 law permits cryptocurrency use for cross-border trade settlements, primarily as a mechanism to navigate international sanctions.
Privacy-focused assets that obscure transaction data, such as Monero, are expected to remain prohibited under the new regime.
Officials estimate that Russian users currently pay around $15 billion annually in commissions to global, unregulated platforms. By establishing licensed domestic venues, regulators aim to redirect that capital toward supervised exchanges such as MOEX and reduce reliance on what authorities describe as the “gray sector.”
If passed during the State Duma’s spring 2026 session, the legislation would mark one of the most comprehensive crypto regulatory overhauls in Russia’s history, balancing legalization with strict oversight and controlled access.
