The Bank of Russia has confirmed a definitive timeline for the full regulation of digital assets, marking a significant policy shift from previous restrictive stances toward a structured, controlled market. The new framework, driven by international sanctions and a rapidly growing domestic crypto user base, aims to integrate cryptocurrency into the formal financial system while maintaining state oversight.
The regulatory proposal introduces a two-tier investor classification system. Unqualified (retail) investors will face an annual purchase limit of 300,000 rubles (approximately $4,000) through a single exchange and must pass a basic knowledge test. Qualified (professional) investors, however, will have no volume restrictions but must complete a risk-awareness test. The framework explicitly plans to ban privacy-focused cryptocurrencies due to traceability and enforcement concerns.
Notably, the use of foreign cryptocurrency exchanges will remain permitted, but users must notify the Federal Tax Service about overseas wallets and transfers to ensure transparency and tax compliance. This approach is designed to monitor cross-border crypto flows without forcing activity onto domestic platforms.
A critical enforcement deadline is set for July 1, 2027. From this date, legal liability and penalties—mirroring those for illegal banking activities—will apply to unregistered platforms and shadow intermediaries. Regulators emphasize that oversight will focus on service providers rather than individual users to limit systemic risk.
The policy reversal comes after Russia initially pushed for a complete crypto ban in early 2022. The imposition of severe international sanctions accelerated crypto adoption for cross-border payments as traditional banking channels were restricted. Estimates suggest nearly 20 million Russians now regularly hold or trade digital assets, with Bitcoin, Ethereum, and dollar-pegged stablecoins dominating market demand. Authorities have reaffirmed that the Russian ruble remains the sole legal tender for domestic payments.
