Non-qualified investors will be allowed to trade under test requirements and limits of approx. 300,000 rubles (about $3,800) per year, while market participants have until July 1, 2027 to enter the official register.
Russia’s Complicated Crypto History
The development follows many years of opposition from the Bank of Russia. In January 2022, the central bank called for a broad ban on the trading, mining and use of cryptography, citing risks to financial stability and monetary policy.
Russia’s government was less hostile. The Finance Ministry tabled a bill over the central bank’s objections, keeping crypto payments banned while creating an avenue for licensed trading.
After the country’s invasion of Ukraine began, President Vladimir Putin signed a law in 2022 that tightened the ban on using cryptocurrencies to pay for goods and services in Russia.
Cross-border use became the exception after sanctions cut off Russian banks from parts of the global payment system. Russia legalized crypto mining and an experimental cross-border settlement regime in 2024, giving the central bank the authority to approve selected firms for foreign trade transactions.
The Moscow Exchange (MOEX) has also moved into the cryptocurrency space with the rollout of cash-settled futures contracts linked to various coins.
VTB and T-Bank, two other large financial institutions, are working on digital depositories after the law comes into effect, RBC’s report added.
