- President Vladimir Putin signed Russia‘s first comprehensive cryptocurrency market law on Tuesday.
- Only state-registered firms can run exchanges after July 1, 2027, and they need at least 15 million rubles ($187,000) in capital.
- Retail investors face a 300,000-ruble annual cap and a knowledge test; using crypto as payment remains illegal.
- Foreign trade settlements and mined-coin deals get exemptions, a carve-out likely to draw Western scrutiny.
Russian President Vladimir Putin signed the country’s first comprehensive law governing digital currencies on Tuesday, according to state news agency Tass. The legislation creates a unified framework for crypto exchanges, brokers, custodians, depositories, and clearing houses, setting rules for issuance, storage, accounting, and trading.
However, the market remains tightly controlled. The law keeps a ban on using crypto and digital rights to pay for goods and services, and it forbids advertising that pitches crypto payments.
Consequently, only organizations on a special government registry may operate crypto exchanges. Existing operators have until July 1, 2027, to register, and they must hold at least 15 million rubles ($187,000) in own capital and join a self-regulatory financial-market body.
Meanwhile, banks and foreign-branch lenders must block transfers they suspect are routed through unregistered providers. Retail non-accredited investors can buy the most liquid cryptocurrencies through licensed intermediaries, but only up to 300,000 rubles (about $3,700) per year per intermediary, and they must pass a knowledge test.
Qualified investors face no purchase cap, and the law guarantees court protection for crypto owners even if they did not previously declare the assets. Most provisions take effect September 1, the same date the central bank governor says banks must support the digital ruble.
The law’s exceptions matter outside Russia as well. Settlements under foreign trade contracts between residents and nonresidents are permitted, as are deals involving mined coins and payments inside digital asset platforms, and that carve-out is the part Western regulators will watch as Russia has leaned on crypto for cross-border trade.
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