The Bank of Russia (CBR) has published a comprehensive regulatory concept that will legalize cryptocurrency trading for both qualified and non-qualified investors starting in 2026. The framework, sent to the government on December 23, classifies digital currencies like Bitcoin and stablecoins as "currency assets" that can be bought and sold through licensed intermediaries, but explicitly bans their use for domestic payments within Russia.
Russia's two largest stock exchanges, the Moscow Exchange (MOEX) and the St. Petersburg Exchange (SPB), have publicly expressed support for the CBR's plan and confirmed their readiness to launch regulated cryptocurrency trading once the legal framework is enacted. MOEX stated it is "actively working on solutions for servicing the cryptocurrency market" and plans to launch circulation "as soon as the relevant regulations are in place." The exchange emphasized that the regulatory concept leverages existing experience from the foreign exchange market. SPB echoed this support, stating it is "ready to start trading cryptocurrencies after the relevant changes are made to the legal framework" and has the necessary technological infrastructure.
The new rules mark a significant liberalization from the previous "experimental legal regime" introduced in March 2025, which restricted crypto access to a small group of "highly qualified" investors with substantial assets or income. Under the new concept, non-qualified (retail) investors will gain legal access for the first time, but with strict limits: they can only purchase a defined list of the most liquid cryptocurrencies through licensed intermediaries, with an annual cap of 300,000 rubles (approximately $3,800) per intermediary.
Qualified investors will face fewer restrictions, being allowed to buy any cryptocurrency except privacy-focused coins (like Monero or Zcash) without volume limits, provided they pass risk-awareness tests. The central bank intends to channel all crypto activity through Russia's existing financial infrastructure—traditional exchanges, brokers, and trust managers will operate under their current licenses, while specialized crypto service providers like depositaries and exchange operators will face separate, stringent authorization requirements.
The regulatory timeline is clearly defined: the Bank of Russia expects the legislative base to be prepared by July 1, 2026, with criminal or administrative liability for unlicensed crypto intermediation taking effect on July 1, 2027. The move occurs against a backdrop of Russia's increasing use of cryptocurrencies in foreign trade to circumvent sanctions and ongoing discussions about developing domestic stablecoins to reduce reliance on Western issuers like Tether (USDT).
