Russia is taking a decisive step toward bringing its vast crypto market inside a formal regulatory perimeter, reflecting its strategic importance as much of the sanctions-hit Russian banking system remains cut off from international payment networks.
The Central Bank of Russia (CBR) has set out a framework that would legalise trading while sharply limiting how digital assets can be used domestically, according to the Interfax news agency.
The CBR's proposal to the government marks a shift from tolerance of grey-market activity to structured oversight, according to the report. It stressed that cryptocurrencies remain high-risk instruments, but acknowledged their growing role in the financial system.
Under the proposal, cryptocurrencies and stablecoins would be recognised as currency assets that can be bought and sold, but not used as a means of payment within Russia.
Both qualified and non-qualified investors would be allowed to access crypto markets under the proposed framework, though under sharply different conditions.
Retail investors would be limited to the most liquid cryptocurrencies defined in law, required to pass a risk knowledge test, and capped at purchases of up to 300,000 rubles ($3,834) per year through a single intermediary.
Qualified investors would face no volume limits and could access a wider range of tokens, excluding privacy-focused assets that obscure transaction flows, but would still need to demonstrate an understanding of risk.
Trading would take place through existing licensed infrastructure, with a target to introduce the framework from 1 July 2027. Exchanges, brokers and asset managers would be allowed to offer crypto services under their current licences, while specialised depositaries and exchange operators would face additional requirements.
With many Russian banks cut off from global payment networks, digital assets have become a critical channel for cross-border settlements, trade financing and capital movement.
The CBR explicitly allows residents to buy crypto abroad using foreign accounts and to transfer previously acquired crypto through Russian intermediaries, provided such transactions are reported to tax authorities.
That provision highlights Moscow’s intent to preserve access to international crypto liquidity while tightening domestic supervision.
Crypto flows have surged since sanctions were imposed. Russia is now Europe’s largest crypto market by transaction volume, and stablecoins play a central role.
The ruble-linked A7A5 stablecoin has emerged as a key bridge between domestic liquidity and global crypto markets, with daily transfer volumes estimated to exceed $1 billion, according to research firm Elliptic.
