Russia Sets Crypto Exchange Rules, Retail Investor Cap at 300K Rubles

Russia has approved its first legal framework for digital currencies, introducing operating rules for exchanges, custody providers, mining, and retail investors while keeping domestic crypto payments banned.

President Vladimir Putin signed the legislation on August 4, Russian state news agency TASS reported. The measure creates the country's first broad set of rules covering digital currencies and digital rights.

Crypto exchange operators must join a dedicated registry to continue offering services. Existing operators can work without registration until July 1, 2027. The law requires exchange providers to hold at least 15 million rubles in equity and join a financial market self-regulatory organization, according to TASS.

Retail investors face an annual purchase cap of 300,000 rubles through each approved intermediary. They may only buy the most liquid cryptocurrencies. Qualified investors face no such limits. Both groups must complete mandatory suitability testing before accessing the market.

The legislation also lets experienced crypto traders qualify for professional investor status based on previous trading activity. TASS reported that courts will protect digital asset ownership regardless of previous declarations.

Russia continues to prohibit cryptocurrencies as payment for goods or services inside the country. The ban extends to advertising crypto as a domestic payment method.

The law still allows cryptocurrency use in several specific situations. Those include foreign trade settlements, mining-related transactions, digital asset settlements, and payments connected to approved information systems.

Banks receive new compliance responsibilities. Financial institutions must block transfers if they suspect unauthorized crypto exchange activity.

Several implementation dates stretch into 2027. Rules covering transfer restrictions and non-resident digital depositories start on July 1, 2027. Additional provisions governing digital financial assets and depositories begin on September 1, 2027.

Social media accounts discussing the legislation reflected similar interpretations. Master of Crypto noted that Russia continues restricting domestic crypto payments while prioritizing cross-border settlements after the country's removal from the SWIFT network in 2022.

Wise Advice highlighted that the framework primarily introduces oversight for exchanges, custody providers, mining operations, and investor access rather than fully opening the domestic crypto market.