Russia has taken one of its biggest steps toward a regulated cryptocurrency market after the State Duma adopted legislation requiring crypto exchanges, exchange offices and digital custodians to obtain licences by 1 July 2027. The law establishes a formal licensing regime for crypto intermediaries while preserving Russia’s long-standing ban on using cryptocurrencies as a means of payment inside the country.
The legislation creates a transition period running until 1 July 2027, giving existing market participants time to obtain licences and align their operations with the new framework. Most provisions of the law will take effect on 1 September 2026, subject to completion of the legislative process and enactment.
The move represents another milestone in Russia’s evolving crypto policy. While the country continues to prohibit domestic crypto payments, it is simultaneously building a regulated market for cryptocurrency investment and trading under the supervision of the Bank of Russia. The framework contrasts with the European Union’s MiCA regime, which is already in force, and the United States, where lawmakers continue debating comprehensive market-structure legislation.
What the Law Requires
The legislation introduces a licensing framework covering three core categories of crypto infrastructure: cryptocurrency exchanges, cryptocurrency exchange offices and digital custodians, referred to by the Bank of Russia as digital repositories.
Crypto exchanges will operate regulated trading venues, exchange offices will facilitate purchases and sales of cryptocurrencies, and digital custodians will record rights to digital assets held within the regulated system. Existing financial institutions, including banks, brokers and asset managers, will also be permitted to offer cryptocurrency services provided they comply with additional prudential and regulatory requirements.
The Bank of Russia said the transition period remains in place until 1 July 2027, allowing market participants to obtain licences and bring their businesses into compliance before the new rules become fully enforceable. After that date, cryptocurrency transactions conducted inside Russia will generally be expected to pass through licensed intermediaries, while banks will be required to reject transfers falling outside the authorised framework.
Exchanges, Custodians and Retail Trading
The legislation does more than establish licensing requirements. It also creates a regulated market for retail cryptocurrency investment.
Under the new framework, both qualified and non-qualified investors will be able to purchase cryptocurrencies through authorised intermediaries after completing a knowledge test. Non-qualified investors will be limited to purchasing up to 300,000 rubles per year through a single intermediary, while qualified investors will not face annual purchase limits, although they must also complete testing requirements.
The Bank of Russia also confirmed that investors will be able to buy and sell cryptocurrencies, exchange them for securities and Russian digital financial assets, and conduct transactions through brokers, management companies and organised trading platforms operating within the regulated infrastructure. The rules will also apply to foreign stablecoins that satisfy the new regulatory requirements.
Despite opening a regulated investment market, Russia continues to prohibit cryptocurrencies as a means of payment inside the country. The ruble remains the only legal payment instrument for domestic transactions.
Part of Russia’s Broader Crypto Strategy
The licensing regime represents another step in Russia’s gradual shift from limiting cryptocurrencies toward regulating them.
Over the past two years, Moscow has progressively expanded the legal use of digital assets in areas such as industrial-scale mining and cross-border trade while maintaining tight restrictions on domestic payments. The latest legislation continues that approach by separating cryptocurrency investment from cryptocurrency payments.
The Bank of Russia confirmed that exporters and importers will continue to be permitted to use cryptocurrencies for cross-border settlements without restrictions. Those transactions may be conducted either through intermediaries or directly using digital wallets and supported cryptocurrencies. Russian residents will also be permitted to transfer cryptocurrencies purchased domestically to foreign jurisdictions through regulated intermediaries, while crypto holdings maintained abroad must be reported to tax authorities.
The framework reflects Russia’s effort to build a legally recognised crypto market while maintaining state oversight of domestic financial activity.
How It Compares With MiCA And The United States
Russia’s new framework shares some similarities with the European Union’s Markets in Crypto-Assets Regulation.
Both systems establish licensing requirements for crypto service providers, create regulated categories for market infrastructure and seek to move cryptocurrency trading into supervised environments. However, Russia’s model differs in several important respects.
Unlike MiCA, which permits crypto assets to function broadly within the European financial system under authorised providers, Russia continues to prohibit domestic crypto payments entirely while allowing investment and cross-border settlement under regulated conditions. The Russian framework also introduces annual purchase limits for non-qualified investors and requires investor testing before retail participation.
The legislation also arrives as the United States continues debating comprehensive digital asset market-structure legislation. While Washington remains focused on defining regulatory responsibilities between agencies and establishing federal rules for crypto intermediaries, Russia has moved ahead with a licensing model built around direct supervision by the Bank of Russia.
What It Means For Crypto Operators
For exchanges, custodians and firms serving Russian users, the legislation provides greater legal certainty but also introduces significant compliance obligations.
Existing operators have less than a year to prepare for the licensing regime before the 1 July 2027 deadline. Businesses wishing to continue serving Russian clients will need to obtain licences, satisfy regulatory requirements and integrate into the country’s supervised crypto infrastructure.
The framework also creates opportunities for traditional financial institutions. Banks, brokers and asset managers will be permitted to expand into cryptocurrency services provided they meet the additional prudential standards established by regulators.
Although Russia remains far from embracing cryptocurrencies as everyday money, the legislation marks a significant evolution in its regulatory approach. By introducing licensing requirements for exchanges, exchange offices and custodians while preserving the ban on domestic crypto payments, lawmakers have chosen formal regulation rather than prohibition, placing Russia alongside other major jurisdictions that are building supervised digital asset markets under distinct national rules.
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