Russia Crypto Market Law: Bank of Russia Licensing & Retail Caps

Russia crypto market law has passed in the State Duma, creating the first comprehensive rules for digital-asset trading in Russia under Bank of Russia oversight. The “On Digital Currency and Digital Rights” bill sets licensing and operating requirements for crypto exchanges, brokers, custodians, and digital asset depositories, with a two-year window for firms to apply (until July 1, 2027). If the Federation Council approves and President Vladimir Putin signs it, most provisions take effect September 1, 2026. For retail traders, access is tightly restricted. Non-qualified investors may buy only the most liquid cryptocurrencies through licensed intermediaries, with an annual purchase cap of about 300,000 rubles (around $3,800) per intermediary. Qualified investors face fewer limits. Both retail and qualified investors must pass testing before buying. The law keeps Russia’s existing ban on using digital currencies for payments inside Russia, but adds carve-outs, including settlements under foreign trade contracts between residents and non-residents, certain settlement flows involving mined crypto, and some settlements tied to securities or other digital rights. For traders, the Russia crypto market law is likely to shift focus toward Russia-specific liquidity, compliance risk, and sanction-related on/off-ramp constraints rather than changing global crypto demand immediately.