Money Here: What the New Cryptocurrency Regulations Change

In the "Money Here" section, we analyze together with the Bank of Russia how cryptocurrency regulation in Russia has changed since September 1, 2026, who will be able to conduct transactions, and what restrictions will be imposed on investors.

How the Transition to New Rules Will Be Organized

The law that legalizes cryptocurrency operations provides for a transitional period until July 2027. During this time, market participants must prepare for new requirements: set up systems, obtain licenses, and gather necessary documents.

While the transitional period continues, investors can use familiar services and over-the-counter platforms. After its completion, cryptocurrency operations in Russia will have to be conducted only through licensed intermediaries included in special registers of the Bank of Russia. Such intermediaries include, for example, brokers, management companies, and crypto exchanges.

Those planning to trade cryptocurrency in Russia will need a crypto wallet in a Russian digital depository. From July 1, 2027, it will be illegal to conduct operations without such a wallet.

By law, digital depositories are responsible not only for the safekeeping of assets. They keep records of transactions, transmit data to the Federal Tax Service for tax calculations, and execute court decisions. For example, if an investor's assets are seized, the depository blocks funds in their account. In the case of inheritance, it can transfer savings to the heirs of the wallet owner.

That is why the private key to the wallet, which is a complex password for accessing assets, is stored with the digital depository. Such a wallet is called custodial: from the English word "custodian," meaning keeper. The law also allows for another option: the investor keeps the private key themselves, but all operations must be coordinated with the depository.

Who Will Be Allowed to Trade Cryptocurrency

All investors, including newcomers, will be able to work with cryptocurrency through licensed intermediaries in Russia. However, due to the high and unpredictable volatility of the crypto market, special testing will be required before trading begins. This testing should show whether a person understands the features of the instrument and is aware of the possible risks.

Testing will be required for all investors, regardless of whether they have the status of a qualified investor. At the same time, this status will determine which cryptocurrencies are available to the person and what limits on transaction amounts apply to them.

Until July 2027, it remains possible to operate under the old rules. After the transitional period, transactions will need to be conducted only through intermediaries that have obtained a regulator's license.

What Restrictions Are Imposed on Non-Qualified Investors

For investors without the status of qualified investors, the Bank of Russia is introducing additional restrictions. Their goal is to reduce risks for non-professional market participants against the backdrop of sharp fluctuations in cryptocurrency prices.

• Only three cryptocurrencies will be available to unqualified investors: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). These are the most liquid assets that have been traded for over 5 years and can be quickly sold at market price if necessary.
• The transaction volume through a single intermediary—broker, management company, or crypto exchange—must not exceed 300,000 rubles per year. If an investor opens accounts with, for example, two brokers, the total annual transaction volume can reach up to 600,000 rubles.

What Opportunities Will Qualified Investors Have

Qualified investors will be able to purchase any types of cryptocurrency. There are no restrictions on the transaction amounts for them.

Can Foreign Crypto Wallets Be Maintained

Storing crypto assets in a foreign wallet is not prohibited. However, the existence of such a wallet must be reported to the tax authorities. This can be done on the FNS website in the "Control of Foreign Currency Transactions" section.

At the same time, it will not be possible to transfer cryptocurrency from a Russian custodial wallet to a foreign non-custodial wallet. Transfers are only allowed to foreign custodial wallets opened on crypto exchanges or in services where user identification is conducted.

Starting from September 1, 2027, transferring cryptocurrency from a Russian wallet to a foreign one for amounts over 100,000 rubles will be subject to a 48-hour delay. For qualified investors, the threshold is higher: a pause will occur for transfers of 1 million rubles or more.

Will Payments in Cryptocurrency Be Allowed

No. The only legal means of payment in Russia remains the ruble. Large fines are planned for illegal cryptocurrency transactions within the country. If the violation causes significant harm to individuals, organizations, or the state, violators may face prison sentences.

There are only three exceptions. Cryptocurrency can be used:

• for settlements under international contracts;
• for paying rewards for mining;
• for paying fees for cryptocurrency transactions.

Do You Need to Pay Taxes on Cryptocurrency

Amendments to the Tax Code have not yet been adopted. It is planned that taxes will need to be paid on income from cryptocurrency. If an investor simply holds crypto assets in a wallet and does not earn income, personal income tax will not be charged.