Russia Opens Crypto Trading to Retail, Keeps Payments Ban

While retail trading stays tightly controlled, the framework is more flexible for international commerce. Russian exporters and importers can use cryptocurrencies for cross-border settlements without the investment limits applied to retail investors. Businesses may transact directly or through regulated intermediaries, using different cryptocurrencies and wallet arrangements.

That provision could push wider use of cryptocurrencies and stablecoins in international trade, particularly where traditional payment channels face restrictions. Counterparties outside Russia must still comply with sanctions, anti-money-laundering requirements and their own local regulations.

The law gives cryptocurrencies greater legal recognition in one of the world's largest economies, but its immediate effect on global markets is likely to be limited. Retail participation is capped by annual investment limits, and the central bank has not yet published the list of cryptocurrencies that will qualify for regulated trading.

The law does not legalise crypto payments inside Russia. Digital assets remain prohibited as a means of paying for goods and services, so the framework expands investment and international settlement rather than replacing the rouble in everyday commerce. The longer-term significance may depend less on retail demand and more on whether licensed exchanges, regulated custody providers and cross-border settlement activity grow after the framework comes into force.