Non-qualified investors will be allowed to trade under testing conditions and within limits capped at around 300,000 rubles (around $3,800) per year, while market participants will have until July 1, 2027 to register on the official register.
Russia’s Complicated Crypto History
These developments follow years of resistance from the Bank of Russia. In January 2022, the central bank called for a widespread ban on trading, mining and use of cryptocurrencies, citing risks to financial stability and monetary policy.
The Russian government was less hostile. The Finance Ministry pushed through a regulatory bill over central bank objections, keeping crypto payments banned while creating a pathway for licensed exchanges.
After the country began its invasion of Ukraine, President Vladimir Putin signed a law in 2022 strengthening the ban on using cryptocurrencies to pay for goods and services in Russia.
Cross-border use became the exception after sanctions cut off Russian banks from parts of the global payments system. Russia legalized cryptocurrency mining and an experimental cross-border settlement regime in 2024, giving the central bank the power to approve selected companies for foreign trade transactions.
The Moscow Stock Exchange (MOEX) has also moved into the cryptocurrency space, with the rollout of cash-settled futures contracts linked to various currencies.
VTB and T-Bank, two other large financial institutions, are working on digital deposits after the law comes into force, the RBC report adds.
