Russia tests retail crypto access under strict caps and ruble-only rule

Russia plans capped crypto trading for retail investors, strict oversight for intermediaries, and a phased digital ruble rollout through 2028.

Russia’s central bank has proposed regulations that would allow non-qualified investors to trade limited cryptocurrencies, according to a framework submitted to the government for review.

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The Bank of Russia announced the proposal would permit both qualified and non-qualified investors to buy and sell cryptocurrencies under separate conditions, while maintaining a ban on crypto and stablecoins for domestic payments. The digital assets would be classified as foreign currency instruments, the central bank stated.

Under the proposed framework, non-qualified investors would be required to pass a risk awareness test before trading. Their access would be limited to highly liquid tokens and capped at 300,000 rubles per intermediary annually, according to the proposal.

Qualified investors and intermediaries would be permitted to trade most cryptocurrencies, excluding privacy-focused tokens that use smart contracts concealing transaction details. These participants would face no investment cap but must complete the same risk awareness test, the bank said.

The plan would authorize Russian residents to purchase crypto on foreign exchanges using overseas bank accounts. Investors could transfer existing digital assets abroad through Russian intermediaries, though all such activity must be reported to tax authorities, according to the proposal.

The central bank stated that legislative changes could be finalized by July 1, 2026, with penalties for unlicensed crypto intermediary activity beginning in July 2027.

The proposal represents an expansion of an earlier plan that restricted crypto trading to qualified investors under a three-year experimental regime. Officials stated the objective is to enhance market transparency and establish clearer standards for cryptocurrency services.

Separately, Russia is preparing a phased national rollout of its digital ruble starting Sept. 1, 2026. Legislation passed in July mandates that merchants earning more than 120 million rubles annually accept digital ruble payments from that date. Mid-sized firms are required to follow in 2027, with full adoption scheduled for 2028.