Russia's State Duma adopted legislation requiring cryptocurrency exchanges, exchange offices, and digital custodians to obtain licenses by 1 July 2027. The law establishes a formal licensing regime for crypto intermediaries while preserving Russia's ban on using cryptocurrencies as a means of payment inside the country. The legislation creates a transition period until 1 July 2027, with most provisions taking effect on 1 September 2026, subject to completion of the legislative process. The framework represents another step in Russia's evolving crypto policy, building a regulated market for cryptocurrency investment and trading under Bank of Russia supervision.
State Duma Establishes Three-Category Licensing Framework
The legislation introduces a licensing framework covering three core categories of crypto infrastructure: cryptocurrency exchanges, cryptocurrency exchange offices, and digital custodians, referred to by the Bank of Russia as digital repositories. Crypto exchanges will operate regulated trading venues, exchange offices will facilitate purchases and sales of cryptocurrencies, and digital custodians will record rights to digital assets held within the regulated system. Existing financial institutions, including banks, brokers, and asset managers, will be permitted to offer cryptocurrency services provided they comply with additional prudential and regulatory requirements. The Bank of Russia confirmed the transition period remains in place until 1 July 2027, allowing market participants to obtain licenses and bring their businesses into compliance before the new rules become fully enforceable. After that date, cryptocurrency transactions conducted inside Russia will generally be expected to pass through licensed intermediaries, while banks will be required to reject transfers falling outside the authorized framework.
Bank of Russia Sets Investment Limits and Testing Requirements
Under the new framework, both qualified and non-qualified investors will be able to purchase cryptocurrencies through authorized intermediaries after completing a knowledge test. Non-qualified investors will be limited to purchasing up to 300,000 rubles per year through a single intermediary, while qualified investors will not face annual purchase limits, although they must also complete testing requirements. The Bank of Russia confirmed that investors will be able to buy and sell cryptocurrencies, exchange them for securities and Russian digital financial assets, and conduct transactions through brokers, management companies, and organized trading platforms operating within the regulated infrastructure. The rules will also apply to foreign stablecoins that satisfy the new regulatory requirements. Despite opening a regulated investment market, Russia continues to prohibit cryptocurrencies as a means of payment inside the country, with the ruble remaining the only legal payment instrument for domestic transactions.
Russia Permits Cross-Border Crypto Settlements
The Bank of Russia confirmed that exporters and importers will continue to be permitted to use cryptocurrencies for cross-border settlements without restrictions. Those transactions may be conducted either through intermediaries or directly using digital wallets and supported cryptocurrencies. Russian residents will be permitted to transfer cryptocurrencies purchased domestically to foreign jurisdictions through regulated intermediaries, while crypto holdings maintained abroad must be reported to tax authorities. Over the past two years, Moscow has progressively expanded the legal use of digital assets in areas such as industrial-scale mining and cross-border trade while maintaining tight restrictions on domestic payments.
Licensing Regime Differs From EU MiCA and US Approaches
Russia's new framework shares some similarities with the European Union's Markets in Crypto-Assets Regulation. Both systems establish licensing requirements for crypto service providers, create regulated categories for market infrastructure, and seek to move cryptocurrency trading into supervised environments. However, unlike MiCA, which permits crypto assets to function broadly within the European financial system under authorized providers, Russia continues to prohibit domestic crypto payments entirely while allowing investment and cross-border settlement under regulated conditions. The Russian framework also introduces annual purchase limits for non-qualified investors and requires investor testing before retail participation. The legislation arrives as the United States continues debating comprehensive digital asset market-structure legislation, while Russia has moved ahead with a licensing model built around direct supervision by the Bank of Russia.
FAQ
What is the deadline for crypto exchanges to obtain licenses in Russia?
Crypto exchanges, exchange offices, and digital custodians must obtain licenses by 1 July 2027 under the legislation adopted by Russia's State Duma.
What are the investment limits for non-qualified investors in Russia?
Non-qualified investors are limited to purchasing up to 300,000 rubles per year through a single intermediary, while qualified investors face no annual purchase limits, though both must complete knowledge testing requirements.
