Russia Signals Crypto Normalisation as Lawmakers Move to Pull Assets Into Mainstream

Speaking to state television channel Rossiya 24, Anatoly Aksakov, chair of the State Duma’s financial markets committee, said draft legislation is already prepared that would remove cryptocurrencies from "special financial regulation" and make their use a routine part of economic life in Russia. 

The comments underscore a notable shift in tone from Russia’s traditionally cautious stance, even as the central bank continues to frame crypto as a high-risk asset class.

Retail limits, professionals unleashed

According to Aksakov, the proposed framework would allow non-qualified investors to access crypto markets, albeit under strict limits. 

Retail participants would be capped at purchases of up to 300,000 rubles and face restrictions designed to contain risk, while professional market participants would be able to operate without volume limits.

Aksakov added that cryptocurrencies could be actively used for international settlements, and potentially issued domestically before being placed on foreign financial markets. That reflects a growing policy emphasis on digital assets as alternative financial infrastructure at a time when many Russian banks remain cut off from global payment systems.

The approach broadly aligns with proposals outlined by the Central Bank of Russia in December, which would legalise crypto trading but continue to prohibit the use of cryptocurrencies as a means of payment inside the country.

Under that model, crypto would be recognised as a financial asset rather than money, traded through licensed intermediaries and subject to reporting requirements.

Grey market to state control

Russia’s crypto market has expanded sharply since the imposition of Western sanctions, with digital assets increasingly used for cross-border trade, capital movement and settlement. Stablecoins, in particular, have become a critical bridge between domestic liquidity and global markets.

While the central bank has sought to impose structure and supervision, lawmakers appear increasingly willing to normalise crypto ownership and trading for the general population, provided it remains within a controlled perimeter. Aksakov’s remarks suggest political backing for bringing crypto further into the formal financial system rather than leaving it in a regulatory grey zone.

At the same time, officials have been clear that access will not be unconditional. Privacy-focused cryptocurrencies remain sensitive, and the central bank has signalled it will seek to exclude assets that obscure transaction flows from broad retail access.

The proposed legislation, if adopted, would mark a balancing act between pragmatism and control. For Moscow, crypto has evolved from a speculative niche into a strategic financial tool. 

Normalising its use could help stabilise flows that already exist while giving the state greater visibility over a market that has largely operated in parallel to the traditional banking system.