The Central Bank of Russia has announced the exact date for the launch of crypto regulation: the market awaits a transition period until 2027.
First Deputy Chairman of the Central Bank of Russia Vladimir Chistyukhin has officially outlined the timeline for the entry into force of the law regulating the crypto market. According to his statement at the Bank of Russia Financial Congress, key provisions may take effect from September 1 of this year.
After this date, market participants will be granted a transition period to adapt to the new rules. Companies dealing with digital currencies will need to compile a package of documents for inclusion in the official register, obtain the relevant licenses, and restructure their internal business processes. This preparatory phase is expected to last until July 1, 2027.
According to Chistyukhin, it is from this date that mechanisms of administrative and criminal liability for illegal cryptocurrency operations will come into full force. If the law and related by-laws are adopted within the planned timeframe, the first licensed operations under the new legal framework could appear by the end of this year or the beginning of the next.
Why the delay?
Earlier, it was assumed that the main foundation for the bill "On Digital Currency and Digital Rights" would be ready by July 1, and the rules would take effect immediately. However, as explained by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, the timeline shifted due to prolonged interagency approvals. The document is conceptually ready but requires numerous amendments to various legislative acts, which caused the technical delay. At the same time, Aksakov expressed confidence that the bill would be finally adopted by September.
Additionally, it is worth noting that Rosfinmonitoring is already preparing to tighten control over the circulation of digital currencies. The new rules will require crypto market participants to conduct full client identification and disclose data on beneficiaries and ultimate beneficial owners.
Analyst's opinion: Setting clear deadlines is a positive signal for the market, which has long been in a gray zone. However, the soft transition period until 2027 indicates that the regulator is aware of the complexity and scale of the infrastructure overhaul. The key risk here is the potential flight of some businesses to the illegal sector if the requirements prove excessive or costly for small players.