Russia Moves to Legalize Crypto Trading Under State Control
- Lawmakers plan a June vote with retail Bitcoin access capped and tested by rules.
- Licensed exchanges face bank-level oversight and illegal platforms risk jail terms.
- Sanctions pressure pushed banks and the central bank toward crypto use paths now.
Russia plans to introduce a long-awaited cryptocurrency law in July, setting a clear legal path for regulated Bitcoin access by retail and institutional investors by mid-2027. Anatoly Aksakov, head of the State Duma Committee on Financial Markets, said lawmakers will vote on the full framework by late June, according to Parliamentary Gazette.
If approved, the law will enter force on July 1, 2027, marking Russia’s first comprehensive national crypto regime after years of regulatory deadlock. The framework allows crypto trading under strict licensing, investor qualification rules, and enforcement measures while keeping digital assets outside domestic payment systems.
Licensing Rules Target Exchanges and Market Structure
The bill introduces direct regulation for crypto exchanges, which currently operate in a legal grey zone under Russian law. Aksakov said unregistered exchange operators could face fines or prison terms, aligning crypto enforcement with existing penalties for illegal banking activity.
Licensed platforms must comply with anti-money-laundering rules and report transactions to tax authorities under the new framework. Russian traders will also gain permission to buy crypto abroad using foreign accounts and move those assets to domestic platforms after reporting transfers.
This structure aims to bring offshore and informal crypto activity under domestic regulatory oversight rather than eliminate participation.
Retail Limits and Investor Classification Take Shape
Retail access will follow a tiered system that separates non-qualified traders from professional investors. State news agency TASS reported that non-qualified traders may buy only the “most liquid” cryptocurrencies and up to 300,000 rubles, or about $3,900, per year.
Lawmakers also discussed an annual cap of $4,000 while requiring retail investors to pass an eligibility test before trading. Professional traders will face no purchase limits and may access nearly all cryptocurrencies, except privacy coins like Monero and Zcash.
These assets remain excluded due to anonymity features that conflict with Russian transparency and compliance standards.
Asset Whitelists and the Central Bank’s Policy Shift
The Central Bank of Russia plans to define which cryptocurrencies retail investors can access through an official whitelist. “Most likely, the Central Bank will compile a list of the top 5 or top 10 most traded cryptocurrencies on major exchanges,” said Alexandra Fedotova, a lawyer at White Stone.
“BTC and ETH will definitely be included. Possibly SOL or TON will be added, given their popularity in our country,” she said in comments cited by the Parliamentary Gazette. Fedotova added that only qualified investors will access assets outside the approved list.
She also said policymakers may classify stablecoins as tools for foreign trade, with USDT likely used through licensed brokerages only.
Read More: Russia Bans WhiteBIT Over Alleged Ukraine Military Funding
Sanctions Pressure Reshapes Russia’s Crypto Policy
Crypto regulation stalled for years due to conflict between the finance ministry and the central bank. The ministry supported both taxation and oversight, while the bank advocated for a China-style prohibition. United States, European Union, and United Kingdom sanctions later limited Russia’s ability to conduct dollar-based trade.
The use of crypto by companies enabled them to make international payments without using conventional dollar-based systems, which led to a reversal of central bank policies. Commercial banks now face increasing customer demand for direct access to cryptocurrency rather than using derivative financial products. Will Russia’s cryptocurrency system strike a balance between market access and financial independence amid increasing sanctions?
