The Bank of Russia has published a concept defining how the cryptocurrency market in Russia may develop in the coming years.

The document is directed to the Government. It presents rules for investors, requirements for infrastructure, possible operations within the country and abroad, as well as deadlines for implementing regulations.

What you need to know about the Central Bank's cryptocurrency regulation concept

Here are the main points of cryptocurrency regulation in the Russian Federation as per the central bank.

1. Cryptocurrencies and stablecoins will be recognized as monetary values

Digital currencies and stablecoins are proposed to be officially recognized as monetary values. This decision will allow citizens and companies to legally buy and sell such assets. However, it will still not be possible to use them as a means of payment within the country — the ban on using cryptocurrencies as a means of payment remains.

2. There will be different conditions for qualified and unqualified investors

The regulator proposes to separate access opportunities to the crypto market depending on the investor's status:

  • Unqualified investors will only be able to purchase the most liquid cryptocurrencies that meet established legislative criteria. Access will only be granted after passing a test, and the annual purchase limit will be no more than 300,000 rubles through one intermediary.

  • Qualified investors will be provided with expanded opportunities. They will be allowed to acquire any cryptocurrencies, except anonymous assets that hide information about transfers and recipients. There will be no limits on purchase volumes for them, however, testing on risk understanding will also become mandatory.

3. Operations will be conducted through the existing legal infrastructure

Trading in cryptocurrencies is planned to be conducted through the already existing financial infrastructure. Licensed exchanges, brokers, and trust managers will be able to work with crypto assets within their licenses. Specific special requirements will be introduced for custodians and exchange platforms that will serve the cryptocurrency market.

4. Cryptocurrency will be purchasable on foreign platforms

Residents of Russia are proposed to be allowed to purchase cryptocurrency abroad using foreign accounts. There will also be the possibility of transferring previously acquired cryptocurrency abroad through Russian intermediaries. However, all such operations must be reported to the tax authorities.

5. Liberalization of DFAs is coming

The new concept also touches on the market of digital financial assets (DFAs). It is planned to allow the circulation of DFAs and other Russian digital rights, including utility and hybrid rights, in open networks. This step should simplify attracting investments from abroad and provide clients with conditions comparable to the possibilities of purchasing cryptocurrency.

The Central Bank emphasizes the high level of risks

The Central Bank directly notes that cryptocurrencies remain an asset with increased risks. They are not issued by state structures, are not guaranteed by any jurisdiction, differ in significant price fluctuations, and may be subject to sanctions. Therefore, investors must be aware of the possibility of financial losses when dealing with crypto assets.

Clear timelines for implementing regulations

The Bank of Russia has outlined timelines:

  • by July 1, 2026 — preparation of the legislative framework;

  • from July 1, 2027 — introduction of liability for illegal activities of intermediaries in the crypto market, similar to the liability for illegal banking activities.

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