The Central Bank of Russia announced a long-awaited conceptual framework for cryptocurrency trading on December 23. Thus, it has taken the first step towards a clear transition from scattered restrictions to a licensed and structured market model.
According to the new proposal, cryptocurrencies and stablecoins will be recognized as tradable legal assets. However, their use as a means of payment within Russia will still remain prohibited.
What Does the New Framework Bring?
The Central Bank submitted its proposed bill to the Russian Government for review.
This statement represents the largest step so far toward officially subjecting transactions in the cryptocurrency market to financial audit for the first time. It is also particularly emphasized that strict controls over individual investor risks and capital movements will continue. The proposal anticipates a transition to a two-tiered investor model: individual and professional participants will be separated.
Non-qualified investors will only be able to purchase the most liquid cryptocurrencies defined in future regulations.
A mandatory risk-information test will be required for market access. Additionally, the annual total purchase limit will be capped at 300,000 rubles.
Qualified investors will face fewer restrictions. They will be able to trade any cryptocurrency except anonymous tokens. Anonymous tokens will be banned as they conceal transactions with smart contracts.
Volume restrictions will not be applied. However, a risk awareness test will also be mandatory for this group.
The Central Bank emphasized that cryptocurrencies are still high-risk instruments, citing volatility, lack of government guarantees, and sanction risks as reasons.
How Is This Different from Russia's Current Attitude?
So far, Russia's crypto policy has been quite fragmented. Cryptocurrency ownership and trading were effectively free, but there was no clear regulatory roadmap.
Individual investor access remains in a gray area, while brokerage firms face ongoing uncertainty. Sanctions were based not on official market rules but mostly on informal regulations.
The newly developed concept formalizes previously overlooked practices. However, the limits imposed on individual investor participation are becoming sharper.
It is also confirmed that Russia will supervise its crypto activities through its existing financial infrastructure. This means that cryptocurrency exchanges, brokers, and portfolio managers will be able to continue operating using their current licenses. However, there will be additional requirements for crypto-specific custody and crypto-specific exchange services.
This framework also brings clarity regarding foreign transactions. Russian citizens will be able to purchase cryptocurrency abroad with foreign accounts and transfer their funds abroad with Russian brokerage firms, as long as they report these transactions to the tax authorities.
Timeline and Sanctions
The Central Bank plans to complete legal regulations by July 1, 2026. As of July 1, 2027, illegal crypto brokerage activities will be subject to severe sanctions, just like illegal banking.
Thus, all stakeholders in the sector are given time to adapt to licensing, notification, and compliance requirements.
How Does Russia's Approach Differ at a Global Level?
Area Russia (MB Concept) EU (MiCA) United States Legal Status Investment instrument ('monetary value'), not a means of payment Regulated cryptocurrency market Fragmented federal & state supervision Individual access Possible with tests and strict limits Access based on declaration Broad scope, no federal limit Intermediaries Existing licenses + additional crypto rules CASP license mandatory Multi-institution framework Stablecoins Trade free, payment ban Heavily regulated Federal stablecoin law exists Gradual sanctions from 2027 Already active Continuous agency supervision
Overall, Russia is not pursuing a cryptocurrency liberalization in the Western sense.
Instead, it removes crypto from gray areas, tightens regulation, reduces individual investor risk, and positions regulated crypto trading as a natural extension of the traditional financial system.
