Bank of Russia Proposes Unified Crypto Regulation Framework by 2026
The Bank of Russia has proposed a unified cryptocurrency regulation framework to be completed by July 1, 2026, with penalties for illegal crypto activities beginning in July 2027. This plan introduces distinct regulatory rules for qualified and non-qualified investors. Non-qualified investors will be allowed to purchase a defined list of liquid cryptocurrencies up to 300,000 rubles annually through a single intermediary, subject to a knowledge test. Qualified investors can buy any cryptocurrency except anonymous tokens without an annual volume limit, provided they pass a risk understanding test.
Under the proposed framework, cryptocurrencies and stablecoins will be treated as monetary assets but will not be permitted for domestic payments, which must be conducted solely in rubles. Crypto assets are intended to serve as investment instruments only. Transactions could be conducted via existing licensed infrastructure, with current licenses applying to exchanges, brokers, and trustees. There will also be separate regulatory rules for specialized crypto depositories and exchangers.
Russian residents will be allowed to purchase cryptocurrencies on foreign platforms using overseas accounts. Asset transfers abroad via Russian intermediaries will be permitted if reported to the tax service. The framework aims to cover the digital financial asset (DFA) market, enabling DFAs and digital rights to circulate on open networks, potentially attracting foreign investment.
This timeline reflects a strategic shift for Russia from an earlier push for a ban toward structured oversight and gradual enforcement. The focus now is on regulation rather than prohibition, intending to bring existing crypto market participation under official oversight rather than expanding crypto's role in the broader economy. According to Chainalysis, Russia ranks among the world's top 10 crypto adopters, with about $376 billion in crypto transactions recorded between July 2024 and June 2025.
