Russia eases qualified investor test ahead of crypto rollout

A July 21 crypto.news report said Russia's State Duma had passed crypto market rules covering regulated exchanges, brokers, custodians and other intermediaries, while placing the Bank of Russia in charge of market supervision.

Under the framework, non-qualified investors can purchase up to 300,000 rubles, roughly $3,800, in approved cryptocurrencies each year through a single regulated intermediary. Qualified retail investors receive a limit ten times higher, allowing annual purchases of up to 3 million rubles under the rules described during the bill's passage.

Before the final votes, lawmakers had retained the 300,000-ruble retail ceiling while changing other parts of the legislation. A revised crypto bill approved by a State Duma committee in July removed a proposed requirement for holders to disclose their cryptocurrency wallet addresses.

The revised version instead focused reporting requirements on information including balances and transaction volumes. It also allowed crypto to be used to purchase Russian securities and digital financial assets, while certain large transfers abroad or to third parties could be delayed for up to two days, according to the July report.

Earlier proposals had already tied retail participation to knowledge requirements. During the bill's first reading in April, lawmakers backed a system requiring non-qualified investors to use licensed intermediaries and restricting them to cryptocurrencies deemed sufficiently liquid by the central bank.

The first-reading framework also treated cryptocurrency as property while maintaining Russia's ban on using digital assets for domestic payments. Companies were permitted to use crypto for cross-border transactions, with the legislation creating a separate legal route for foreign trade.

Major Russian lenders have started preparing services around the regulated market as the legal framework moves toward implementation.

Sberbank plans to launch crypto trading infrastructure and a digital depository by Dec. 1, according to a July report on its planned crypto launch. The planned system would cover trading, custody, settlement and depository services for eligible clients.

The same report said Russia's new crypto framework was scheduled to begin on Sept. 1, while market participants would have until July 1, 2027, to meet licensing requirements. Non-qualified investors would remain subject to the 300,000-ruble annual purchase ceiling and a mandatory knowledge test before buying approved crypto assets.

Alfa-Bank has also tested cryptocurrency trading inside its Alfa-Investments brokerage app with a limited group of qualified investors. The bank has said a larger rollout depends on the Bank of Russia completing the required regulatory acts, while its plans include a digital depository and crypto-to-ruble exchange gateways.

Alfa-Bank expects a full retail launch closer to the fourth quarter of 2026 if the regulatory timetable permits, while Dmitry Vitman, chief operating officer of its corporate and investment business, said substantial liquidity in Russia's regulated crypto market may not emerge before late 2027.