Russia Passes Crypto Bill With 300,000 Ruble Retail Limit

Foreign crypto platforms face tighter controls. Starting July 1, 2027, Russian banks must block direct payments to unlicensed overseas exchanges. Andrey Tugarin, founder of GMT Legal, said users will lose the ability to fund foreign trading platforms directly through Russian banking channels after that deadline. A mandatory 48-hour cooling-off period applies to certain transfers. The threshold is 300,000 rubles for domestic transfers and 100,000 rubles for international ones.

Registered crypto exchangers must hold at least 15 million rubles in capital. They also face strict cybersecurity and compliance requirements. Customer assets must be segregated. The bill expands crypto access for exporters, importers, miners, and depositories involved in cross-border trade. It classifies stablecoins like USDT and USDC as foreign digital instruments, giving them a clearer legal status for international settlements.

Not everyone in the industry welcomed the bill. Exved founder Sergey Mendeleev criticized the framework. He said it favors major financial institutions while placing heavy restrictions on retail users and existing crypto businesses. His concern is whether Russian crypto users will embrace the regulated system or keep using offshore alternatives.