USDRussia Caps Crypto Trading, Enforces Licensed Intermediaries
Government advances three-bill framework mandating controlled access, investor testing, and reporting of foreign crypto activity
TL;DR
- Russia moves to restrict crypto trading through licensed intermediaries and caps retail purchases at 300,000 rubles annually
- Transactions outside regulated channels are prohibited, with administrative penalties introduced for violations
- Foreign crypto activity remains allowed but must be reported, while authorities cite a $130 billion market size
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Russia’s government has approved a legislative package formalizing domestic cryptocurrency trading under strict state supervision, requiring all transactions to pass through licensed intermediaries and banning activity conducted outside regulated channels. Authorities stated that “under the new regulatory framework, transactions involving digital currency without regulated intermediaries are prohibited,” embedding a centralized control layer across market access. The proposal is expected to be submitted to the State Duma following approval on March 31, 2026, with officials indicating passage could occur by the summer as part of a broader push to integrate crypto into a monitored financial structure.
Retail participation would be sharply limited under the framework, with individuals restricted to purchasing no more than 300,000 rubles per year, equivalent to about $3,700, through a single intermediary. Access would be further conditioned on passing a mandatory risk-awareness test, while purchases would be limited to a list of the most liquid digital currencies defined by the Bank of Russia. Qualified investors would retain broader access, creating a tiered participation model that distinguishes between professional market participants and non-qualified retail users under a single regulatory perimeter.
The legislative package consists of three draft laws titled “On Digital Currency and Digital Rights,” “On Amending Certain Legislative Acts,” and “On Amending the Code on Administrative Offenses,” forming a combined legal, supervisory, and enforcement framework. Authorities plan to introduce licensing requirements for exchanges and custodial service providers, while allowing banks and brokers to participate if they meet regulatory standards. Amendments to the administrative code establish penalties for violations tied to exchange activity, targeting unlicensed intermediaries and unauthorized transaction flows.
Officials have allowed a limited pathway for offshore crypto access, permitting residents to buy digital assets through foreign accounts, provided those transactions are disclosed to tax authorities. Domestic policy efforts have been tied to increasing oversight, taxation, and visibility into capital flows, as authorities seek to bring activity that expanded through peer-to-peer channels into a regulated environment. Reporting cited an estimated $130 billion in annual crypto trading volume among Russian users, much of it occurring outside formal oversight structures.
Authorities have also raised concerns about fraud in peer-to-peer markets, including cases involving fake exchanges and impersonation of platform support staff, which have been used to justify stricter controls. Sergey Mendeleev, founder of Exved, criticized the approach, stating, “At a time when the rest of the world is moving toward liberalizing access to equity markets through tokenization, we are, for some reason, doing the opposite by pushing crypto into a framework of securities market regulation.” He added, “In the end, it will be like with casinos — people won’t play less, but everything will move out of state control into online and underground venues.”
This article has been refined and enhanced by ChatGPT.
