Russian president signs crypto law, core rules take effect in 2026
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- Putin signed bill No. 1194918-8, titled "On Digital Currencies and Digital Rights," into law on Tuesday, establishing rules for crypto exchanges, brokers, custodians and other crypto service providers.
- The law requires crypto exchange operators to meet regulatory requirements and join a financial market self-regulatory organization.
- Retail investors are limited to buying approved crypto assets through licensed intermediaries, with an annual cap of 300,000 rubles ($3,700) per intermediary.
- Qualified investors may purchase any cryptocurrency without such restrictions under the new framework.
- Core provisions take effect September 1, 2026, while rules for non-resident digital depositories take effect July 1, 2027.
- Using crypto to pay for goods and services inside Russia remains banned under the law.
- The Bank of Russia will oversee the regulated crypto market, issue related rules and determine which crypto assets licensed intermediaries can offer.
Why it matters: Retail crypto access in Russia is now channeled through licensed intermediaries with a strict 300,000-ruble ($3,700) annual cap per intermediary, while qualified investors face no such limit — a tiered system that funnels everyday users into regulated venues but leaves the door wide open for large players. With the Bank of Russia gaining authority over which assets licensed intermediaries can offer, the central bank now holds a direct veto over what Russians can trade, though core rules don't bind until September 2026.
