Bank of Russia to launch regulated cryptocurrency market

The Bank of Russia is preparing to launch a regulated cryptocurrency market under a new legal framework, with operations potentially beginning before the end of 2026. Vladimir Chistyukhin, the bank's first deputy governor, stated that regulators are currently developing 27 subordinate legislative acts to operationalize the system. Several of these measures have already been submitted to the Justice Ministry for registration.

The new framework, following legislation that took effect on September 1, establishes rules for exchanges, intermediaries, and digital depositories. To manage risk, the central bank has introduced distinctions between investor types. Non-qualified investors are limited to purchasing specific highly liquid assets—namely Bitcoin, Ethereum, and Tether—with an annual cap of 300,000 rubles per intermediary. In contrast, qualified investors face fewer restrictions.

While the law permits the use of cryptocurrencies and stablecoins for cross-border settlements in foreign trade contracts, the use of digital assets for domestic payments of goods and services remains prohibited. A transition period for market participants will last until July 2027, after which unregistered intermediaries will face administrative or criminal penalties.