Russia prepares to implement new cryptocurrency regulations by 2026, establishing a regulated market for digital currencies.
On August 4, President Vladimir Putin signed the "On Digital Currencies and Digital Rights" law, alongside Federal Law 283-FZ, which aligns existing legislation concerning the securities market and anti-money laundering measures. The main provisions of this law will come into effect on September 1, 2026, with a transition period concluding on July 1, 2027.
The law seeks to establish a regulatory framework for cryptocurrency in Russia, where currently retail investors predominantly hold assets on foreign exchanges. According to the Bank of Russia, average monthly balances on these exchanges are projected to reach 720 billion rubles by April 2026, compared to a mere 3.8 billion rubles in domestic investments linked to the same assets.
As the deadline approaches, key developments are expected. The Bank of Russia has proposed conditions for organized trading and requirements for depositories, with a draft guideline released for public comment until August 24. This will be essential for structuring the regulated market.
Regulatory Framework and Market Players
Several significant events are anticipated in the lead-up to the implementation of these regulations:
- Fall 2026: Expected issuance of subordinate legislation and discussions on trading conditions.
- December 1, 2026: Sberbank plans to launch a digital depository and cryptocurrency trading services.
- Early 2027: Moscow Exchange aims to establish a dedicated structure for crypto assets.
- July 1, 2027: Exchanges will be required to register with the Bank of Russia, with associated penalties for non-compliance.
Only licensed operators will be permitted to create the necessary infrastructure, including major banks such as Sberbank and VTB, which have been active since 2022. Currently, there are 24 companies in this category.
“Cryptocurrency is becoming a fully regulated financial instrument, leading to increased inquiries from banks regarding its nature and source of funds,” remarked cryptocurrency expert Viktor Pershikov.
Custodial Requirements and Trading Limits
Licensed intermediaries will manage the custody and accounting of cryptocurrencies, requiring clients to use custodial wallets. While non-custodial wallet use is not prohibited, transferring funds from Russian depositories to such wallets will not be allowed.
Trading will be accessible to both qualified and non-qualified investors, with the latter facing an annual purchase limit of 300,000 rubles after passing an exam. Qualified investors will not have a monetary cap. The Bank of Russia has outlined that only three cryptocurrencies—Bitcoin, Ethereum, and Tether (USDT)—will be available for regulated trading, which must meet specific criteria regarding market capitalization and trading volume.
Domestic use of cryptocurrencies remains restricted, except for foreign trade contracts, mining, and network fees.
The Transition Period and Future Prospects
The transition period allows for alternative trading methods, such as the ONLYP2P Telegram bot, which facilitates coin sales for rubles without requiring registration or verification. This service has seen significant growth, boasting 80,000 active users.
Transactions through ONLYP2P are capped at 50,000 rubles each, with users typically making smaller requests. The platform charges a 7% markup based on exchange rates, reflecting the operational costs involved.
As the market prepares for these changes, the next year will be critical for stakeholders to adapt to the new regulations while existing channels remain active until the transition period concludes.
