Russia’s cryptocurrency industry could begin operating under a formal legal framework before the end of 2026, according to Vladimir Chistyukhin, the Bank of Russia’s first deputy governor.
Chistyukhin said regulators were working to complete the remaining rules needed to license crypto market participants and establish the infrastructure required under Russia’s new cryptocurrency law.
Russia prepares crypto market regulations
Russia’s cryptocurrency law came into effect on September 1, creating a legal framework for cryptocurrency transactions and introducing new requirements for market participants.
The framework allows investors to buy and sell cryptocurrencies through regulated intermediaries, including exchanges, brokers and management companies. It also provides for new market participants, such as crypto exchange offices and digital asset depositories.
Chistyukhin said regulators needed to introduce 27 subordinate regulatory acts, including seven first-tier acts and 20 second-tier acts. These rules cover areas such as registration, qualification requirements, digital depositories and the cryptocurrency whitelist.
According to him, the remaining acts are expected to be adopted by the end of October. If the regulations are approved and registered on schedule, the first market participants could obtain licences and begin operating before the end of the year.
Rules for investors and crypto transactions
Under the new framework, non-qualified investors will be allowed to purchase the most liquid cryptocurrencies after completing a suitability test. Their purchases will be limited to 300,000 rubles per year through a single intermediary.
Qualified investors will be able to trade cryptocurrencies without the same annual purchase limit, subject to the applicable requirements.
The law also permits exporters and importers to use cryptocurrencies for cross-border settlements. However, cryptocurrency payments for goods and services within Russia remain prohibited.
The framework includes a transition period lasting until July 1, 2027, giving market participants time to obtain the required licences and bring their operations into compliance.
Russia’s planned regulatory system could therefore allow crypto companies to operate legally through approved channels before the transition period ends, provided they meet the relevant requirements.
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