Russia's central bank unveiled a long-awaited framework to regulate cryptocurrency trading on December 23, marking a clear shift from random restrictions to a structured and licensed market.
In the proposal, cryptocurrencies and stablecoins are legally recognized as currency units that can be bought and sold. However, they remain prohibited as a means of payment within Russia.
This introduces the new framework
The central bank submitted its legislative proposals to the Russian government for review.
The announcement marks the largest attempt to date to bring cryptocurrency businesses under formal financial supervision, while maintaining strict controls on private risks and capital flows. The proposal introduces a two-tier investor model that distinguishes between private and professional actors.
Non-qualified investors will only be permitted to purchase the most liquid cryptocurrencies, as defined in future legislation.
Access will require passing a mandatory risk test, and purchases will be limited to 300,000 rubles per year.
Qualified investors will face fewer restrictions. They will be allowed to purchase any cryptocurrency except for anonymous tokens where smart contracts conceal transaction data.
Volume restrictions will not apply, although knowledge tests on risk will still be required.
The central bank emphasized that cryptocurrencies remain high-risk instruments, referring to volatility, lack of government guarantees, and exposure to sanctions.
How this differs from Russia's current stance
So far, Russia's cryptocurrency policy has been fragmented. Ownership and trading were practically legal, but without a clear regulatory path.
Private access has operated in a gray area, intermediaries have faced uncertainty, and enforcement has been based on informal restrictions rather than explicit market rules.
The new concept formalizes what was previously tolerated, but significantly restricts how private investors can participate.
It also confirms that Russia will regulate cryptocurrency-related activities through existing financial infrastructure. Exchanges, brokers, and managers will be allowed to continue operating under their current licenses. Additional requirements will apply to crypto-specific custodians and exchange services.
The framework also clarifies rules for cross-border transactions. Russian residents will be able to purchase crypto abroad via foreign accounts and transfer crypto abroad through Russian intermediaries, provided they notify the tax authorities.
Timeline and Enforcement
The central bank plans to complete the legal framework by July 1, 2026. From July 1, 2027, illegal cryptocurrency brokering could be punished in line with penalties for illegal banking activities.
This phased approach gives market participants time to adapt to licensing requirements, reporting obligations, and other regulatory demands.
This is how Russia's approach differs globally
Area Russia (BoR concept) EU (MiCA) USA Legal status Investment asset ('currency value'), not a means of payment Regulated crypto market Fragmented federal and state oversight Private access Allowed with testing and strict restrictions Allowed via disclosure Broad, no federal restrictions Intermediaries Existing licenses + additional crypto requirements Mandatory CASP license Multinational framework Stablecoins Can be traded, payment prohibition Heavily regulated Federal stablecoin law in place Enforcement Phased, starting 2027 Already active Ongoing enforcement by agencies
Overall, Russia does not liberalize cryptocurrency in the same way as many Western countries.
Instead, crypto is moved out of the gray market, oversight is strengthened, private exposure is limited, and regulated cryptocurrency trading is positioned as an extension of the traditional financial system.
