Russia Proposes Regulated Retail Crypto Access; Qualified Investors Gain Broader Trading Rights

The Bank of Russia has proposed a regulatory framework to open crypto access to both non‑qualified (retail) and qualified investors via licensed infrastructure. Non‑qualified investors would be limited to a list of liquid, eligible tokens, must pass a mandatory knowledge test, and face an annual purchase cap of 300,000 rubles per intermediary (~US$3,834). Qualified investors would also take a knowledge test but would have no volume caps and could trade most cryptocurrencies except anonymous privacy coins. The draft allows Russians to buy crypto using foreign platforms and payment accounts and to transfer assets through Russian intermediaries abroad, subject to tax notification requirements. The proposal strengthens licensing and oversight for exchanges, brokers, custodians and specialised depositories; illegal crypto operations face penalties comparable to illegal banking from July 1, 2027, and legislative steps continue through July 1, 2026. The move aims to expand the regulated digital financial asset market, improve transparency under sanctions, attract foreign capital and balance market access with investor protection. For traders: expect limited retail demand from capped purchases, clearer on‑shore trading rails and tighter compliance for counterparties, which may shift volumes to licensed venues and affect liquidity and spreads for eligible tokens.