Bank of Russia expects new crypto market participants by year-end

The expansion of regulated market participants could make digital assets more closely connected to Russia’s formal financial and commercial infrastructure.

New participants with expanded powers could enter Russia’s crypto market by the end of 2026, First Deputy Governor of the Bank of Russia Vladimir Chistyukhin said at the Moscow Financial Forum on 21 September. He said the sector would begin operating within the country’s legal framework, while noting that a transition period will remain in place until mid-2027 to allow market participants to adjust their internal systems and determine their roles.

Russia’s new framework for digital currencies and digital rights took effect on 1 September 2026. It allows foreign trade participants to use cryptocurrencies and stablecoins for settlements under foreign trade contracts, with such transactions subject to currency control, anti-money laundering and counter-terrorist financing requirements.

The framework also permits qualified and non-qualified investors to purchase digital currencies and stablecoins under established conditions, including transferring the assets to their own foreign wallets or to non-residents as payment for goods and services. Domestic settlements using cryptocurrencies and stablecoins, however, are treated as illegal currency transactions and can result in fines of up to 40% of the transaction amount.