Putin signed Russia's first comprehensive crypto law. Retail investors face a 300,000-ruble annual limit; qualified investors have none. Domestic crypto payments remain banned, but cross-border settlements continue. Compliance deadline March 2027.
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President Vladimir Putin signed legislation establishing Russia's first structured legal framework for cryptocurrency exchanges and custodians, the state news agency Tass reported. The law takes effect September 1, 2026. Rules governing crypto issuance and circulation begin a year later.
The framework creates two tiers of investors. Retail participants may buy approved cryptocurrencies through registered intermediaries, subject to an annual cap of 300,000 rubles, or about $3,700. Qualified investors face no limit once they satisfy regulatory criteria. Both groups must pass suitability testing. Retail investors can qualify for unrestricted status based on their crypto transaction history.
Cryptocurrency exchanges face new operating standards. Every exchange must register with a special government registry and hold minimum equity of 15 million rubles, roughly $185,200. They must also join an approved self-regulatory organization before offering trading. Existing exchanges have until March 1, 2027, to meet the requirements.
One restriction stays in place. Cryptocurrencies remain banned as payment for domestic goods and services. Cross-border crypto settlements for international trade are still permitted. Authorities first allowed those in 2024 to support foreign trade after Western sanctions intensified.
The State Duma approved the legislation last month after its first parliamentary reading in April. The law builds on draft rules from the Bank of Russia.
Separately, the government recently banned cryptocurrency mining and participation in mining pools in Moscow, the surrounding Moscow region, and parts of the Kursk region. The ban runs from August 15 through 2031, strengthening oversight of the digital asset sector.
For exchanges, the March 2027 compliance deadline means a race to meet capital and registry requirements. For retail investors, the 300,000-ruble cap limits exposure to a volatile asset class. The domestic payment ban signals the central bank's persistent caution, even as the law opens the door to regulated trading.
Mining bans in Moscow and Kursk could cut a significant share of Russia's hash rate. The government did not set a volume estimate. Miners may relocate to regions with fewer restrictions and lower electricity costs.
The government has not yet identified which cryptocurrencies qualify as approved liquid assets for retail investors.
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