Unqualified investors will be allowed to trade under testing requirements and maximum limits of approximately 300,000 rubles (about $3,800) per year, while market participants will have until July 1, 2027 to enter the official registry.
Russia’s Complicated Crypto History
The developments come after years of resistance by the Bank of Russia. In January 2022, the central bank called for a broad ban on cryptocurrency trading, mining and use, citing risks to financial stability and monetary policy.
The Russian government was less hostile. The Finance Ministry pushed through a regulatory bill despite the central bank’s objections, keeping cryptocurrency payments prohibited while creating a path for authorized trading.
After the invasion of Ukraine began, President Vladimir Putin signed a law in 2022 that tightened the ban on using cryptocurrencies to pay for goods and services in Russia.
Cross-border use became the exception after sanctions excluded Russian banks from parts of the global payments system. Russia legalized crypto mining and an experimental cross-border settlement regime in 2024, giving the central bank authority to approve selected companies for foreign trade transactions.
The Moscow Exchange (MOEX) has also been dabbling in the cryptocurrency space, launching cash-settled futures contracts pegged to various currencies.
VTB and T-Bank, two other major financial institutions, are working on digital deposits after the law comes into force, the RBC report adds.
