Cryptocurrency market with a limited access

In April 2026, the State Duma passed the first reading of the bill "On Digital Currency and Digital Rights," which includes new rules for regulating cryptocurrencies in Russia. The key provision of the bill is the legalization of digital currency trading, which is proposed to be implemented through the existing financial market infrastructure.

The bill does not provide for setting of specialized crypto exchanges: trading in digital currencies will be permitted only to existing market participants licensed by an exchange or trading system (there are 8 of them in Russia). Access to trading will be provided through brokers.

One of the key provisions of the bill is the requirement for Russian residents to store¹ cryptocurrency with Russian digital depositories , however, withdrawal of digital currencies to foreign² custodial wallets will be possible only if one of the 7 set grounds is available (for example, in the context of execution of a foreign trade contract), while withdrawal to one's own "cold" wallets is not permitted.

The bill also defines which digital currencies will be allowed on the Russian market: to be admitted to trading in Russia, a digital currency must meet quantitative criteria, and its average daily trading volume must exceed Rb 1 trillion (in practice, this means allowing Bitcoin, Ethereum, and possibly the stablecoins USDT and USDC), while access to thousands of other cryptocurrencies will be closed to unqualified investors.

tokens are tracked on the global crypto market

In addition, individuals (both qualified and non-qualified investors) will be required to undergo annual testing to be eligible to purchase cryptocurrency, while for non-qualified investors, an additional annual purchase limit has been approved (the limits have not yet been determined, but amounts from Rb 300.000 to Rb 600.000 on one platform are being considered).

The bill also permits foreign trade transactions with settlements in digital currency between residents and non-residents, but using cryptocurrency as a means of payment within the country remains prohibited.

the volume of cryptocurrency transactions in Russia (data from the Ministry of Finance)

The bill introduces the following regulations for crypto exchangers: if the volume of transactions for the purchase, sale, and exchange of digital currency over-the-counter (OTC) trading exceeds Rb 3.5 mn per month, only organizations included in the register of the Central Bank of the Russian Federation will be able to conduct such transactions (transactions involving smaller amounts are not subject to this mode).

However, the bill does not resolve all issues arising in the context of FATF standards. It addresses a key issue, i.e., lack of specific regulation of market participants involved in cryptocurrency circulation, however, it does so primarily through the existing financial infrastructure. As a result, a number of issues that the FATF classifies as sensitive (transactions with non-custodial wallets, circulation of certain types of crypto-assets, and international cooperation) will likely require further study. At the same time, the following bills on liability were introduced:

- criminal liability is proposed for mining digital currency not included in the miner registry (a fine of up to Rb 2.5 mn or imprisonment for up to 5 years);

- administrative fines (up to Rb 1 mn) are proposed for crypto exchangers for violating rules of digital currency circulation, including transactions with unqualified investors exceeding limits;

 criminal liability is proposed for the illegal organization of digital currency circulation (purchase, sale, exchange) (a fine of up to Rb 1 mn or imprisonment for up to 7 years). There are also plans to obligate people to notify tax bodies about opening and closing of foreign crypto wallets, report on the accounts’ operations. The notification must be submitted no later than 1 month from the date of opening or closing of such a wallet. However, the Central Bank has already mitigated rules for non-qualified investors with regard to DFA: now they will be able to purchase simple digital financial assets without restrictions, whereby payments are clear in advance and do not depend on variable indicators, if the issuer has a high credit rating (A+ on the national scale or BB on the international scale). More complex digital financial assets, where the income depends, for example, on the key rate or stock prices, will be available to nonqualified investors only within a limit of Rb 600.000.

- Amid legalization of the crypto market in Russia, the EU has tightened its sanctions approach as follows: as part of the 20 sanctions package, a ban has been introduced on any transactions with Russian platforms that allow transferring and exchanging crypto assets.

Moreover, operations with RUBx (a ruble stablecoin) are prohibited, as well as support for developing a digital ruble.

From the monitoring issue No. 4 (28), April 2026. Download the full issue (PDF) · issue page at the Gaidar Institute