Russia Finalizes Rules for Bitcoin, Ethereum, and Stablecoins

Russia is preparing to roll out its most comprehensive cryptocurrency regulatory framework to date, signaling a shift from years of legal ambiguity toward structured market access for both retail and professional investors.

According to officials from the State Duma, lawmakers aim to finalize the legislative package by the end of June, with voting expected shortly thereafter. If approved, the new framework would come into force on July 1, 2027, formally allowing Russians to buy and trade digital assets under regulated conditions, per a report by the Parliamentary Gazette on January 26.

Retail Investors Will Have Limited Access

The proposed regulation would enable both qualified and non-qualified investors to buy crypto assets, but under different rules.

It would allow retail investors to purchase only the most liquid digital assets and would face an annual cap of roughly 300,000 rubles (nearly $4,000). Lawmakers say investors would also need to pass basic testing designed to confirm awareness of crypto-related risks before gaining access.

According to persons familiar with the proposal, it will include Bitcoin (BTC) and Ethereum (ETH) by default. Other assets, such as Solana (SOL) or Toncoin (TON), could be added based on liquidity and domestic demand. Less liquid or higher-risk tokens would remain restricted to qualified investors.

Privacy-focused crypto assets like Monero (XMR) and Zcash (ZEC) are expected to remain excluded entirely due to anti-money-laundering concerns.

As Alexandra Fedotova, a lawyer at local firm White Stone, explained:

“Most likely, the Central Bank will compile a list of the top five or top 10 most traded cryptocurrencies on major crypto exchanges. BTC and ETH will definitely be included. Possibly SOL or TON will be added, given their popularity in our country. The rest will be only for qualified investors.”

She added that Russian authorities will likely classify stablecoins separately as tools for economic activities with foreign entities.

Central Bank Oversight and Licensing Rules

The legislation would place crypto trading firmly within Russia’s existing financial infrastructure.

It would allow licensed exchanges, brokers, and custodians to operate under updated rules, whereas crypto exchanges and exchange services currently operating in legal gray areas would need new licenses.

Unlicensed intermediaries could face penalties similar to those applied to illegal banking activity, including financial and potential criminal liability.

The Central Bank continues to classify crypto as high-risk assets, citing volatility and the lack of sovereign guarantees. Lawmakers emphasize that the framework intends to allow access while discouraging speculative excess, particularly among inexperienced investors.

The law would also allow Russian residents to buy crypto abroad using foreign accounts and transfer those assets back through domestic platforms, provided they report the transactions to tax authorities.

If passed as planned, the bill would represent a turning point in Russia’s approach to digital assets: not a full embrace, but a clear acknowledgement that crypto is now a permanent part of the financial landscape.

As a reminder, earlier in January, State Duma Financial Market Committee chair Anatoly Aksakov confirmed the preparation of a new bill that would remove crypto assets from the country’s system of “special financial regulation” and give them a bigger role in people’s everyday lives.