The Bank of Russia has developed and submitted to the Government a concept for regulating the cryptocurrency market in Russia. The proposal предусматривает allowing operations with digital assets through licensed financial intermediaries and introducing new rules for investors.
The Bank of Russia proposes to establish a regime of financial and currency control for transactions involving digital currencies and stablecoins, under which they may be bought and sold but may not be used as a means of payment within the territory of the Russian Federation. This approach is aimed at creating a transparent and controlled legal framework for the circulation of cryptocurrencies, protecting investors, and reducing risks associated with high volatility and the absence of state guarantees.
Investor Conditions
Non-qualified investors (individuals without sufficient experience) will be allowed to carry out transactions with the most liquid cryptocurrencies only:
- after passing mandatory testing on understanding the associated risks;
- within a limit of up to 300,000 rubles per year through a single licensed intermediary.
Qualified investors will have access to a broader range of crypto assets, with the exception of anonymous projects. No limits on transaction volumes will be established for this category; however, testing on risk awareness will also be mandatory.
Licensed Intermediaries and Market Infrastructure
Cryptocurrency transactions are planned to be conducted through exchanges, brokers, and trust managers already operating in the market and holding the required licenses. The introduction of special licenses for such intermediaries is not envisaged. At the same time, the Bank of Russia intends to establish separate requirements for the infrastructure supporting the circulation of crypto assets, including custodial and exchange services.
Cross-Border Transactions and Taxation
Residents will be allowed to purchase cryptocurrencies abroad using funds held in foreign accounts, as well as to transfer previously acquired crypto assets abroad through Russian intermediaries. All such transactions must be declared to the tax authorities.
Legislative Timeline and Liability
The concept provides for the preparation of legislative amendments by July 1, 2026. From July 1, 2027, the introduction of liability for illegal intermediary activities in the cryptocurrency market is planned, analogous to liability for illegal banking activities.
Why This Matters
The Bank of Russia emphasizes that cryptocurrencies remain high-risk financial instruments that are not issued by the state and are subject to significant price volatility. Accordingly, understanding the associated risks and passing the relevant testing is a mandatory condition for granting investors access to cryptocurrency transactions through licensed intermediaries.
