Putin signs landmark crypto law allowing regulated retail trading in Russia

Russian President Vladimir Putin has signed a landmark law establishing a regulatory framework for the cryptocurrency market, according to state-run news agency TASS.

The law sets up rules for crypto exchanges, custodians, brokers, clearing houses, investors and other market participants, while maintaining the ban on using crypto as a means of payment or legal tender domestically, TASS reported Tuesday.

Under the framework, retail investors are allowed to buy the most liquid cryptocurrencies capped at 300,000 rubles ($3,700) each year per intermediary. The report, however, did not specify which crypto assets would qualify. 

On the other hand, qualified investors are free to purchase any crypto assets with no limits. Both categories of investors are required to pass "special suitability testing," and retail investors can obtain the "qualified" status based on their crypto transaction history, per the report.

Meanwhile, crypto exchanges are required to join a "special registry" to operate with a minimum equity requirement of 15 million rubles ($185,200). The exchanges must also join a financial market self-regulatory organization.

The law continues to ban the use of cryptocurrencies to pay for goods and services within Russia, according to the report. However, cross-border settlements are allowed for foreign trade contracts between residents and non-residents. Russia had reportedly begun allowing crypto in international trade in 2024 to counter Western sanctions.

The legislation is set to take effect on Sept. 1, 2026, with some provisions governing the issuance and circulation of crypto assets coming into force on Sept. 1, 2027. The law also provides a grace period until March 1, 2027, for existing crypto exchanges.

Regulatory clarity

The law marks a major shift in Russia's approach to digital assets. The State Duma passed the legislation last month after the bill cleared its first reading in April, bringing crypto trading under clearer government oversight.

The move builds on recent efforts by the Bank of Russia to draft relevant rules. Last week, the central bank released draft regulations outlining the country's first framework for "organized trading" of digital assets and digital rights, including requirements for crypto exchanges and digital depositories.

At the same time, Russian authorities continue to tighten oversight of crypto mining. Last month, the Russian government issued a decree banning crypto mining and participation in mining pools in Moscow, the surrounding Moscow region, and parts of the Kursk region from Aug. 15 until the end of 2032.