Russia is shifting from a 'ban' trend to legalizing cryptocurrency transactions in a tiered model, where retail investors are tightly restricted while 'qualified' investors have broader access.
This change reflects the reality that completely preventing crypto is very difficult. However, the new regulatory framework shows that the state still prioritizes risk control, close supervision, and sets transaction limits for the majority of users.
MAIN CONTENT
Russia proposes a new law to legalize the buying and selling of cryptocurrency according to two groups of investors.
Retail investors must pass a knowledge test and are limited to 300,000 rubles/year.
The legal framework is expected to be finalized before 01/07/2026, and from 01/07/2027, criminal liability may be pursued if operating outside regulations.
Russia's crypto regulation targets 2026 applies a tiered investor model
Russia is proposing a legal framework that divides investors into “qualified” and “unqualified”, where qualified investors can trade most cryptocurrencies (except anonymous types), while retail investors are subject to testing and annual purchase limits.
According to the proposed bill, Russia is moving away from a “blanket ban” approach towards governance based on risk levels and investor capabilities. The focus is on legalizing the ownership channel of digital assets while imposing conditions for participation to limit retail cash flow and reduce systemic risk.
For “qualified” investors (with capital and experience), the draft allows the purchase of most types of cryptocurrency. However, the minimum requirement is to pass a test to confirm understanding of risks, while excluding “anonymous cryptocurrencies” from the permitted list.
“Qualified investors will be able to purchase any type of cryptocurrency, except for anonymous types, with no trading volume restrictions, but only after passing a test to ensure they understand the risks.”
– Excerpt from the draft based on information from the Central Bank of Russia
For “unqualified” (retail) investors, the barriers are higher: they must pass a knowledge test and are subject to a purchase limit of 300,000 rubles per year. This design allows the market to exist legally but within a controlled “corridor”.
The Central Bank of Russia still considers cryptocurrency a high-risk asset, emphasizing its volatility and lack of guarantee from any country. The central argument is that investors can suffer significant losses, and the market is sensitive to factors such as international sanctions.
“When deciding to invest in crypto assets, investors need to understand that they bear the risk of potentially losing their money.”
– Excerpt from a warning based on information from the Central Bank of Russia
Russia leverages existing financial infrastructure instead of building a new crypto trading system
The Central Bank of Russia plans to leverage existing tools and licenses: exchanges, brokers, and investment management companies can participate under existing licenses, while specialized “crypto custodians” will face new requirements.
The approach of “not building from scratch” helps reduce implementation time and brings crypto activities into the familiar oversight realm of regulatory agencies. Accordingly, traditional financial entities can provide services related to cryptocurrency within the scope of their existing licenses.
A notable change lies with custodial entities: only those “crypto vaults” (specialized asset custody/registration organizations) will face additional new standards. This aligns with the goal of reducing operational risk and enhancing investor asset control.
Russia also mentions that people can still purchase cryptocurrencies through foreign accounts, provided they declare to the tax authority. This mechanism shows that the State acknowledges that cross-border transaction flows still exist, so it shifts to governance through reporting obligations.
The roadmap for completing the legal framework: the milestone 01/07/2026 and criminal responsibility from 01/07/2027
Russia aims to complete the entire legal framework before 01/07/2026. From 01/07/2027, the grace period ends, and brokers operating outside regulations may face criminal liability similar to unauthorized banking violations.
The two milestones show that the regulatory authority prioritizes “controlled legalization” first, before tightening enforcement. Non-compliant businesses face significantly higher legal risks as they enter the post-grace period.
In market terms, setting a clear deadline may encourage domestic organizations to standardize processes, risk control systems, and reporting obligations. At the same time, this also signals that unauthorized intermediary activities will be eliminated from the ecosystem.
DFAs and crypto-related funds: selectively opening up, tightening unauthorized behavior
The new plan goes along with easing access to mutual funds linked to crypto, while tightening penalties for illegal coin mining; at the same time, DFAs are promoted as a channel for fundraising through tokenized assets.
The guiding framework shows that Russia is not “warming up” to cryptocurrencies for the goal of promoting user freedom. Instead, the state seeks to leverage digital assets strategically, both opening channels to attract capital through the Digital Financial Assets (DFA) market, while keeping a distance from ordinary users through testing and purchase caps.
On the contrary, increasing sanctions on unauthorized mining activities reinforces the message: crypto activities must be within the management scope, registered, and subject to oversight. This creates a legal “track” to allow some applications to develop while limiting activities outside of control.
Frequently asked questions
Does Russia legalize the buying and selling of cryptocurrency for its citizens?
Yes, according to the proposed bill, Russia creates a mechanism for the legal buying and selling of cryptocurrency but tiered according to the type of investor and with oversight, knowledge testing, and limits for retail investors.
How are retail investors in Russia limited?
Unqualified investors must pass a knowledge test and are limited to a maximum purchase of 300,000 rubles per year as outlined in the draft.
Can “qualified” investors buy all types of cryptocurrency?
Qualified investors are allowed to purchase cryptocurrencies, except for anonymous types, and are not limited in trading volume, but must pass a test to confirm their understanding of the risks.
When is the expected completion of the legal framework and when does criminal prosecution begin?
The goal to complete the legal framework is before 01/07/2026. From 01/07/2027, the grace period ends, and brokers operating outside regulations may face criminal liability similar to unauthorized banking operations.
Does Russia allow the purchase of cryptocurrency through foreign accounts?
Yes, the content states that Russians can still purchase cryptocurrencies through foreign accounts, provided they report to the tax authority.
Source: https://tintucbitcoin.com/ngan-hang-nga-hop-phap-hoa-crypto-canh-bao-rui-ro/
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