Russia Proposes New Regulatory Framework for Legal Crypto Trading

Bank of Russia Shifts Its Stance

(Source: Bank of Russia)

The Bank of Russia has recently published a proposal outlining a practical regulatory framework for cryptocurrency trading. This move signals that crypto asset transactions will now fall under legal and regulatory oversight, covering both retail users and financial institutions. The proposal marks a notable softening of the official stance compared to previous policies.

However, the central bank continues to stress that crypto assets are not issued or backed by any sovereign authority. They remain highly volatile and subject to the risk of sanctions. Officials emphasize that investors who choose to participate must accept full responsibility for any potential financial losses.

Digital Currencies Tradable, Not Permitted for Domestic Payments

Within this proposal, the Bank of Russia classifies digital currencies and stablecoins as monetary assets. This designation allows them to be legally bought and sold for investment and trading purposes. At the same time, the framework imposes a strict prohibition on their use for day-to-day payments within Russia. This approach clearly demonstrates the authorities’ intent to strike a balance between accommodating market demand and preserving financial sovereignty.

Tiered Investment Thresholds

Under the proposal, Russian citizens may buy and sell cryptocurrencies through regulated platforms. Non-qualified investors face an annual purchase cap of 300,000 rubles per intermediary and must first pass a risk awareness assessment.

Qualified investors are not subject to transaction limits but must still complete a knowledge assessment. Meanwhile, cryptocurrencies with strong privacy features—because their transactions cannot be traced—remain strictly prohibited.

Existing Financial Institutions Authorized to Provide Crypto Services

The framework also opens the door for Russian financial institutions. As long as they operate under the current licensing regime, exchanges, brokers, and asset management firms can legally offer crypto-related services.

The proposal also signals forthcoming dedicated regulations for digital asset custodians and wallet service providers, further completing the industry’s compliance architecture.

Overseas Crypto Purchases and Digital Financial Assets Advance in Parallel

The proposal permits Russian residents to purchase cryptocurrencies using overseas accounts and, provided they comply with tax reporting obligations, to transfer those assets back to regulated domestic platforms. This provision represents a marked shift from the central bank’s previous position. At the same time, authorities express support for the circulation of Russian-issued digital financial assets (DFAs) on public blockchain networks and are considering opening participation to foreign investors.

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Summary

This proposal demonstrates Russia’s efforts to bring order to the crypto market through regulation, moving digital assets out of the gray area and into the legal framework. While payment use remains restricted and investment thresholds and risk warnings are clearly defined, this marks a pivotal step in Russia’s digital asset policy. Implementation details and market response will be critical to monitor going forward.