Russia plans to cap crypto trading for retail investors, strictly monitor intermediaries, and gradually roll out a digital ruble until 2028.
summary
- Russia's central bank has proposed allowing non-qualified investors to trade only liquid cryptocurrencies with a cap of 300,000 rubles per intermediary after conducting a risk test.
- There is no cap for eligible investors, but all cryptocurrencies and stablecoins remain prohibited for payments in the country, while privacy tokens with hidden transactions must be avoided.
- The plan would add reporting rules and new penalties by 2027, and would be implemented in parallel with a nationwide rollout of the digital ruble for large retailers and businesses from 2026.
The Central Bank of Russia has proposed regulations that would allow limited crypto trading to non-qualified investors, based on a framework submitted to the government for review.
Russia and new virtual currency reporting rules
The Bank of Russia announced that the proposal would maintain the ban on cryptocurrencies and stablecoins in domestic payments, while allowing both accredited and non-accredited investors to buy and sell cryptocurrencies under separate conditions. The central bank said digital assets are classified as foreign currency products.
Under the proposed framework, non-accredited investors would be required to pass a risk awareness test before trading. According to the proposal, their access would be limited to highly liquid tokens and would be capped at 300,000 rubles per year per intermediary.
Eligible investors and intermediaries will be allowed to trade most cryptocurrencies, with the exception of privacy-focused tokens that use smart contracts to hide transaction details. These participants have no investment cap, but must complete a similar risk awareness test, the bank said.
The plan would allow Russian residents to use their overseas bank accounts to buy cryptocurrencies on foreign exchanges. According to the proposal, investors would be able to transfer existing digital assets abroad through Russian intermediaries, but all such actions would have to be reported to tax authorities.
The central bank said the legal reforms could be completed by July 1, 2026, and penalties for unauthorized cryptocurrency intermediary activities could start from July 2027.
The proposal represents an expansion of previous plans to restrict cryptocurrency trading to qualified investors under a three-year experimental regime. Officials said the aim is to increase market transparency and establish clearer standards for crypto services.
Separately, Russia is preparing to gradually roll out the digital ruble nationwide from September 1, 2026. A law passed in July requires merchants earning more than 120 million rubles a year to accept payments in digital rubles from that date. Medium-sized businesses will also be required to comply in 2027, with full implementation scheduled for 2028.
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