In brief
- President Vladimir Putin signed Russia's first law giving comprehensive rules to crypto exchanges, custodians, brokers, and mining.
- Only firms on a state registry may run exchanges after July 1, 2027, with a 15 million ruble ($187,000) capital floor and a self-regulatory body requirement.
- Using crypto as money is still banned, and banks can block transfers they suspect flow to unregistered providers.
Russian President Vladimir Putin signed the country's first comprehensive law governing digital currencies on Tuesday, state news agency Tass reported. The legislation sets rules for how crypto is issued, stored, accounted for, and traded, wrapping exchanges, digital depositories, brokers, and clearing houses into one framework.
It isn't a free market. The law keeps the ban on using crypto and digital rights as payment for goods and services, and it blocks advertising that pitches crypto payments. Russia already legalized cryptocurrency mining in 2024, when Putin signed a separate bill green-lighting the industry, so this law fills the gap on trading and custody that the mining rules left open.
How the market gets built
Only organizations on a special government registry may run crypto exchanges, and existing operators get a grace period to register by July 1, 2027. Registered exchanges need at least 15 million rubles (about $187,000) of their own capital and must join a self-regulatory body in the financial market.
Regular exchange activity kicks in once a firm trades more than 3.5 million rubles in a month. Banks and foreign-lender branches must reject transfers they suspect are routed through an unregistered provider.
Retail access is capped and gated. Non-accredited investors may buy the most liquid cryptocurrencies (list to be disclosed) through licensed intermediaries, up to 300,000 rubles per year per intermediary, and both retail and qualified investors must pass a knowledge test. Qualified investors face no purchase limit.
The law also guarantees court protection for crypto owners regardless of whether they declared the assets before.
