Russia Signs Crypto Exchange Law, Leaves Payment Ban

Russian President Vladimir Putin signed a law setting common rules for digital currencies and exchange operations, Tass reported Tuesday. Only registered entities may operate as exchanges under the new rules. The measure keeps Russia's ban on crypto payments in place.

Retail investors are limited to trading the most liquid cryptocurrencies, capped at 300,000 rubles ($3,700) a year. Qualified investors face no restrictions, the news agency said. The cap applies to trading, not to payments.

The law also keeps digital currencies and digital rights barred as payment or legal tender inside Russia. The restriction has been in force since 2022.

Digital assets remain available for settlements under foreign trade contracts between residents and non-residents, according to the report. The exception also covers payments tied to crypto mining. Those two cases are the payments-related uses the new law allows. Russian companies retain a legal cross-border channel, and domestic retail payments stay closed.

For exchanges, the registration rule creates a formal route into the Russian market. The retail cap limits how much room ordinary investors have to trade.

Russian lawmakers and the central bank have spent years trying to set clear rules for digital assets. The exchange-licensing requirement is the clearest result of that effort so far. The law settles who can operate an exchange inside the country. Citizens' payment options stay exactly where they stood before the bill was signed.

Back in 2024, Putin said new technologies were emerging that could help people move money. "For example, Bitcoin, who can ban it? Nobody," he said. The president has also described Russia's "competitive advantages" in Bitcoin mining, pointing to the country's abundant cheap energy.

Russian lawmakers have kept a tight grip on household spending. International crypto payments have stayed legal for years, and the new law leaves that channel open for cross-border settlements.