Russia legalizes the crypto market: Putin signs law on comprehensive regulation of digital assets
The Russian crypto market is entering a new era. President Vladimir Putin has signed a law that creates a comprehensive legal framework for the circulation of digital currencies and digital rights in the country. This document is not a targeted amendment but a systemic act that defines the rules of the game for all participants: from exchangers to depositories and brokers.
The key innovation is the introduction of licensed exchangers as an institution. This is a fundamentally new market entity: none of the existing players will be able to automatically obtain this status by transitioning from another category. Operating will require at least 15 million rubles of own funds, as well as strict requirements for compliance, anti-fraud systems, and even staff qualifications—from the director to the accountant.
Lawmakers have clearly defined the criteria for "systematic" activity: two or more transactions per month totaling over 3.5 million rubles. All exchangers are required to join a self-regulatory organization of the financial market. At the same time, until July 1, 2027, companies are allowed to operate without being included in the registry, giving the market time to adapt.
Boundaries of the permissible: payments and limits
The ban on using cryptocurrencies as a means of payment within Russia remains fully in place. Advertising such payments is also prohibited. Exceptions are targeted and pragmatic: settlements under foreign trade contracts, mining, payment of fees within systems, and transactions with securities.
A clear gradation is introduced for private investors. Unqualified investors will be able to purchase liquid assets through intermediaries for up to 300 thousand rubles per year from each agent. Qualified specialists receive full freedom of action without limits, but this status requires passing a test and confirming experience working with crypto assets.
I will separately note: stablecoins have been renamed "foreign digital instruments," and now USDT, USDC, and similar assets can legally enter the country in an unrestricted manner. This removes a significant portion of the gray schemes that existed in the market.
Timing and transition period
The bulk of the norms will take effect on September 1, 2026. Restrictions on transfers and rules for non-residents will come into force on July 1, 2027, and at the same time, banks will begin blocking deposits to foreign exchanges. Technical norms for digital financial asset operators—from September 2027, and existing operators will receive a transition period until March 1, 2027.
My analysis: This law—finally—gives the market predictability. But the price of this predictability is high: the entry threshold for exchangers and strict capital requirements will cut off small players. The Russian crypto market is becoming institutional, and in my view, this is the right vector for long-term development, even if it causes consolidation in the short term.