The central bank of Russia proposed a new framework that would allow qualified and non-qualified investors to participate in the cryptocurrency market within defined limits and controls.
The Central Bank of Russia published a draft regulatory concept in late December that marks one of its most detailed attempts to formally structure access to cryptocurrencies. While the proposal does not legalize crypto payments, it outlines how Russians could legally buy, sell and hold digital assets through regulated channels.
The plan is open for discussion and would require legislative approval before taking effect. Nonetheless, it marks a shift from blanket restrictions to controlled participation.
Different rules for qualified and retail investors
According to the project, unqualified investors would have limited access to cryptocurrencies considered “the most liquid”. These assets would be defined later in the law and would likely include large-cap tokens with established trading volumes.
Before investing, retail users should pass a mandatory knowledge and risk test. Even once eligible, their purchases would be capped at 300,000 rubles per year and routed through a single approved intermediary.
Qualified investors would face fewer limits. They could buy a wider range of cryptocurrencies, except for so-called anonymous coins, and would not be subject to volume caps. However, they will still need to carry out a risk assessment before trading.
The central bank said the testing requirement aims to ensure investors understand volatility, custody risks and the absence of state guarantees.
Business structure, payment ban and timing
The project remains Russiathe long-standing ban on the use cryptocurrencies and stablecoins as a means of payment within the country. Crypto would remain classified as a financial asset rather than money.
Trading would take place through licensed Russian infrastructure, including brokers, exchanges and trustees. Additional rules would apply to specialized crypto intermediaries, such as exchangers and custodians.
The plan also addresses cross-border activities. Russian residents could buy cryptocurrencies using foreign accounts and transfer assets abroad, but they would have to notify tax authorities. Crypto purchased earlier could also be moved abroad through licensed Russian intermediaries.
The central bank hopes that the legal framework will be finalized by July 1, 2026. Separate liability rules for illegal crypto service providers are expected to come into force on July 1, 2027.
If passed, the proposal would place Russia among jurisdictions allowing crypto investments while maintaining strict controls on payments, intermediaries and investor exposure.
