Russian Central Bank Unveils Framework for Cryptocurrency Trading Legalization by Mid-2026

On December 23, 2025, the Central Bank of the Russian Federation (CBR) released a comprehensive concept outlining the regulation of cryptocurrency operations within the domestic market. This move signals a significant pivot in the nation's regulatory stance, shifting away from potential prohibition toward establishing a structured legal framework for digital assets. The primary objective is to create a clear legal environment for trading activities. However, the use of digital currencies for settling payments for goods and services across Russia will remain strictly forbidden, reinforcing the ruble’s status as the sole legal tender.

Under the proposed structure, non-bank digital currencies and stablecoins will receive official classification as either "currency securities" or monetary assets. This designation paves the way for their legitimate purchase and sale exclusively through licensed Russian financial platforms. The Bank of Russia has been quick to stress that cryptocurrencies inherently carry elevated risk profiles. This is due to their lack of backing or issuance guarantees from any governing jurisdiction, making them susceptible to substantial volatility and potential sanctions-related pressures.

The legislative foundation required to enact this concept is slated for finalization by July 1, 2026. This timeline provides a clear roadmap for integrating digital asset trading into the established financial system. The regulator is clearly aiming for a measured introduction, balancing innovation with robust risk management protocols.

A cornerstone of this new regulatory architecture involves differentiated access for various investor classes, reflecting a commitment to mitigating consumer harm. Retail investors, or those deemed non-qualified, will be restricted to acquiring only the most liquid cryptocurrencies. The specific list of these assets will be codified in forthcoming legislation. Furthermore, these retail participants will face an annual purchase cap of 300,000 rubles per intermediary. Crucially, both investor categories—qualified and non-qualified—must successfully pass mandatory risk-assessment testing to demonstrate comprehension of the associated dangers.

Qualified investors, conversely, will enjoy broader latitude, permitted to trade any digital asset without volume limits, with the notable exception of those assets designed with anonymity features that obscure transaction details. This distinction aims to shield less experienced market participants while allowing sophisticated actors greater operational freedom. The entire framework emphasizes informed consent and risk awareness across the board.

Cryptocurrency transactions are intended to flow through the existing financial infrastructure, utilizing established entities such as exchanges, brokers, and trust managers under their current licensing authorizations. Specialized operators, including currency exchangers and dedicated custodians, will be subject to separate, specific regulatory requirements. The concept also addresses cross-border movements: Russian residents will be allowed to purchase crypto abroad using their foreign accounts, provided these assets are subsequently transferred to licensed Russian platforms. All such international transactions must be meticulously declared to the Federal Tax Service.

Furthermore, the Central Bank intends to permit the circulation of Digital Financial Assets (DFAs) on open networks. This move is anticipated to streamline capital raising for DFA issuers and offer clients purchasing conditions comparable to those available for cryptocurrencies. Industry observers estimate that between 9 and 12 million individuals in Russia actively use cryptocurrencies. This regulatory initiative is expected to bring a substantial portion of this economic activity out of the shadows. To ensure market integrity, penalties equivalent to those imposed for illegal banking activities will be introduced for illicit intermediary operations in the crypto space, effective July 1, 2027, setting a firm deadline for cleansing the market of unscrupulous actors.