Russia’s New Crypto Framework: Transitioning from Gray Market to Regulated Asset

The Central Bank of Russia (BoR) has introduced a comprehensive conceptual framework to regulate cryptocurrency trading, marking a shift from informal restrictions to a structured, licensed marketplace. While the proposal legally recognizes cryptocurrencies and stablecoins as "currency values," it maintains a strict ban on using them for internal payments.

A Two-Tiered Investor System

The new rules focus heavily on risk management by categorizing investors into two groups:

• Retail (Non-Qualified) Investors: Limited to purchasing only the most liquid cryptocurrencies. They must pass a mandatory risk-knowledge test and are restricted to an annual purchase cap of 300,000 rubles.
• Professional (Qualified) Investors: Granted access to a wider range of assets with no volume limits. However, they are prohibited from trading anonymous "privacy tokens" that conceal transaction data.

Integration with Traditional Finance

Unlike many global frameworks that create entirely new categories for crypto firms, Russia plans to leverage its existing financial infrastructure.

• Licensing: Established exchanges, brokers, and trust managers can use their current licenses to facilitate crypto trading, though they must meet additional specific requirements.
• Cross-Border Flexibility: Russian residents may still purchase crypto using foreign accounts or transfer assets abroad through domestic intermediaries, provided these activities are reported to tax authorities.

Timeline for Enforcement

The Central Bank is following a phased implementation schedule to allow the market to adjust:

• July 1, 2026: Deadline to finalize the full legislative foundation.
• July 1, 2027: Strict penalties take effect, treating illegal crypto intermediation with the same severity as illegal banking operations.

Global Context: Regulation, Not Liberalization

Compared to Europe’s MiCA (Markets in Crypto-Assets) or the multi-agency approach of the United States, Russia’s model is notably more restrictive regarding retail access. The goal is not to promote a decentralized economy, but rather to bring existing activity under the umbrella of state supervision, tighten capital flow controls, and treat crypto trading as a regulated extension of the traditional financial system.

December 2025, Cryptoniteuae