Russia’s First Crypto Law: Licensed Trading, Payment Ban From 2027

Russia’s first crypto law has been signed by President Vladimir Putin, creating a licensed framework for Russia’s crypto trading and custody. Under the Russia crypto law, exchanges and related intermediaries (digital depositories, brokers, management companies, trade organizers, and clearing houses) must be authorized via a state registry. For market operators, the timeline is key: crypto exchange activity is generally limited to registered entities after July 1, 2027, with a 15 million ruble (about $187,000) capital requirement. Banks are also required to block suspicious transfers that appear to route through unregistered crypto providers. Retail access is tightly gated. Non-accredited investors can buy only the most liquid cryptocurrencies (to be specified) through licensed intermediaries, capped at 300,000 rubles per year per intermediary, and subject to a knowledge test. Qualified investors face no such ceiling. Crypto payments remain prohibited for goods and services, and advertising crypto-for-payments is also banned. However, the law allows limited exceptions for certain cross-border settlements between residents and non-residents, plus payments inside digital asset platforms. Most provisions take effect September 1, while other restrictions follow later dates—so traders should expect gradual compliance-driven shifts rather than an immediate market reprice tied to a single day.