Russia is entering a pivotal phase in the regulation of digital assets. The Central Bank has proposed a regulatory framework to the government, aimed at controlling the purchase and circulation of cryptocurrencies, as well as the activities of intermediaries. If implemented, this project could transform the Russian crypto ecosystem by 2026.
A permitted but risky monetary asset, prohibited for payments
In a press release, the institution published its regulatory vision, adopting a hybrid approach. On the one hand, the draft recognises digital currencies and stablecoins as “monetary values,” effectively allowing their purchase and sale. However, it also sets an insurmountable barrier: these assets cannot under any circumstances be used as a means of payment within the country, with the rouble maintaining its exclusive role as the national currency.
“Although recognised as monetary assets that can be bought or sold, cryptocurrencies remain banned from national payments,” says the Bank of Russia.
The institution further emphasises the total absence of safety nets, noting that these assets are not guaranteed by any jurisdiction and remain highly exposed to international sanctions. The tone is unequivocal: the authority continues to consider cryptocurrencies a high-risk instrument.
The message to anyone venturing into this area is clear: investors assume the risk of potential loss of their funds.
A regulated opening to retail and professional investors
According to the Central Bank of Russia, the cryptoasset market will be open to all types of investors, whether experienced or not, but with rules tailored to each group. The aim is to increase access to cryptocurrencies while protecting less experienced investors from complex risks.
Non-qualified investors will only be able to purchase the most liquid cryptocurrencies, as defined by legal criteria. Access will be subject to passing a knowledge test and will be capped at 300,000 roubles per year via a single authorised intermediary.
Qualified investors, on the other hand, will benefit from a much wider investment scope and have access to almost all cryptocurrencies, except those intended to conceal transactions. Although there is no volume limit, they must also pass a test to demonstrate their understanding of the associated risks.
“Non-qualified investors will be permitted to invest up to 300,000 roubles per year, provided they pass a test. Meanwhile, qualified investors will be able to operate without volume limits across the market, except for anonymous cryptocurrencies,” the institution stated.
A legislative timetable spread until 2027
This reform will be implemented gradually. The bill provides for “the development of a legislative framework by 1 July 2026.”
A transitional phase will follow before the measures are tightened. From 1 July 2027, authorities intend to introduce liability for illegal activities by intermediaries in the cryptocurrency market, comparable to that applicable to illegal banking activities.
The text also paves the way for digital financial assets (DFAs) to circulate on open networks, with the aim of attracting foreign investment.
Towards a gradual normalisation of the Russian crypto market
Ultimately, this bill ends the regulatory ambiguity that has prevailed in Moscow until now. While the Bank of Russia has agreed to tentatively open the door to cryptocurrencies, it is doing so with a clear focus on stability over unbridled speculation.
This pragmatic approach aligns with the global trend of integrating cryptocurrencies into the financial system while never granting them the status of a “real” currency. For Russian investors, this represents a significant change. The era of unregulated activity is over; the market will now operate under regulated, controlled conditions.
Source: Bank of Russia
