Russia Explores Retail Crypto Access with Strict Caps and Ruble-Only Rule

Russia is set to introduce capped cryptocurrency trading for retail investors, along with rigorous oversight for intermediaries, and a planned rollout of the digital ruble by 2028.

Key Takeaways

Russia's central bank is proposing regulations for retail crypto trading, allowing limited access for non-qualified investors.
Non-qualified investors can only trade selected cryptocurrencies with a cap of 300,000 rubles per year.
Qualified investors can trade most cryptocurrencies without a cap, provided they complete a risk awareness test.
The rollout of the digital ruble is scheduled to begin on September 1, 2026.
Legislative changes are expected to be finalized by July 2026, with penalties for unlicensed activities starting in July 2027.

Russia caps retail crypto trading and rolls out digital ruble

The Bank of Russia has proposed new regulations to allow non-qualified retail investors to trade specific cryptocurrencies under controlled circumstances. This initiative includes separate trading conditions for qualified and non-qualified investors, limits on investment amounts, and a requirement for risk assessments. Additionally, citizens will be able to buy crypto on foreign exchanges and must report all trading activities to tax authorities. The legislation also paves the way for the gradual introduction of the digital ruble starting in 2026.

Russia and New Crypto Reporting Rules

The Bank of Russia has announced a proposal that would enable both qualified and non-qualified investors to engage in cryptocurrency buying and selling, albeit under distinct conditions. Notably, domestic transactions using cryptocurrencies or stablecoins remain prohibited. Instead, these digital assets will be classified as foreign currency instruments.

According to the proposed framework, non-qualified investors will be required to pass a risk awareness test before they are allowed to trade. Their involvement in trading will be restricted to highly liquid tokens, with an annual cap of 300,000 rubles per intermediary.

Qualified investors, along with intermediaries, will be permitted to engage in trading across a wider range of cryptocurrencies, excluding privacy-centric tokens that utilize smart contracts to conceal transaction information. While these participants will not face any investment cap, they must also complete the risk awareness test mandated by the central bank.

The proposal allows Russian citizens to purchase cryptocurrencies through foreign exchanges using overseas bank accounts. Furthermore, investors can transfer their existing digital assets abroad via Russian intermediaries, but it is required that all such transactions are reported to tax authorities.

The central bank anticipates that legislative adjustments could be completed by July 1, 2026, while penalties for operating as an unlicensed crypto intermediary will commence in July 2027.

This proposal marks an expansion of a previous plan, which limited crypto trading to qualified investors under a controlled experimental regime lasting three years. Officials aim to improve market transparency and clarify the standards governing cryptocurrency services.

Digital Ruble Rollout

In a separate initiative, Russia is gearing up for a gradual rollout of its digital ruble, set to begin on September 1, 2026. Legislation passed in July requires merchants that earn more than 120 million rubles annually to accept digital ruble payments starting from this date. Mid-sized businesses will also be required to comply in 2027, with full adoption anticipated by 2028.