The Central Bank of Russia has unveiled a conceptual framework for cryptocurrency trading regulations that has been long awaited on December 23rd. This marks a shift from arbitrary regulations to a structured and authorized market.
According to the proposal, cryptocurrencies and stablecoins are expected to be legally recognized as currencies that can be traded. However, their use as a payment method is still prohibited within Russia.
Introduction of a new framework
The central bank has submitted legislative proposals to the Russian government for review.
This announcement is the largest effort to place cryptocurrency activities under official financial supervision. It proceeds while maintaining strict controls on retail investor risk and capital outflows. This proposal establishes a dual investor model distinguishing between retail and professional investors.
Unqualified investors will only be able to purchase the most liquid cryptocurrencies as defined in future legislation.
To gain access, one must pass a mandatory risk awareness test, and there is a purchase limit set at 300,000 rubles per year.
Qualified investors are subject to less regulation. They can purchase all cryptocurrencies except anonymous tokens, where transaction history is hidden by smart contracts.
There are no volume limits applied, but risk awareness tests remain mandatory.
The central bank emphasized that cryptocurrencies remain high-risk financial products, citing volatility, the absence of national-level guarantees, and exposure to sanction risks.
Differences with the current position of Russia
So far, Russia's cryptocurrency policy has been fragmented. While holding and trading were practically possible, there was no clear regulatory path.
Retail investor accessibility was in the gray area, and intermediaries faced uncertainty. Enforcement relied on informal regulation rather than clear market rules.
This new concept formalizes situations that were previously tacit, significantly limiting the ways retail investors can participate.
It has also been confirmed that Russia will regulate cryptocurrency activities through existing financial infrastructure. Exchanges, brokers, and trustees can operate under current licenses, and additional requirements will apply to cryptocurrency custodians and exchange services.
This system also clarified cross-border regulations. Russian residents can use foreign accounts to purchase cryptocurrencies abroad and can remit cryptocurrencies overseas through Russian intermediaries, provided they notify tax authorities.
Legislation is expected to be completed in the first half of 2026
The central bank plans to complete the legislative framework by July 1, 2026. From July 1, 2027, illegal cryptocurrency brokering will be punished akin to illegal banking.
This phased approach provides market participants with time to adjust to licensing, disclosure, and compliance requirements.
Russian approach, global comparison
ClassificationRussia (Central Bank Concept)EU (MiCA)USLegal StatusInvestment Assets ("monetary value"), payment prohibitedRegulated cryptocurrency marketFragmented supervision at federal and state levelsRetail AccessibilityPermitted under testing and limit conditionsAllowed under disclosure systemBroad, no federal limitsIntermediariesExisting licenses + cryptocurrency-related regulationsCASP licensing obligationMulti-agency systemStablecoinTrading allowed, payment prohibitedStrong regulationFederal stablecoin law existsEnforcementPhased, from 2027Already in effectContinuous institutional enforcement
Overall, Russia does not liberalize cryptocurrencies in the Western sense.
Instead, it aims to bring cryptocurrencies out of the gray area, enhance oversight, and limit retail investors' exposure to risk. It also positions regulated cryptocurrency trading as an extension of the traditional financial system.
