Summary:

• Russia's central bank has proposed a new framework allowing both qualified and non-qualified investors to trade cryptocurrencies.
• Non-qualified investors would face an annual trading cap of 300,000 rubles per licensed intermediary.
• Crypto and stablecoins would be treated as foreign currency assets, not as a means of payment.
• The proposal outlines a phased rollout, with legislative changes targeted for 2026 and penalties starting in 2027.

Russia's long-standing tension with cryptocurrencies may be entering a more structured phase. The country's central bank has proposed a new regulatory framework that would formally allow crypto trading for both qualified and non-qualified investors, under a tightly controlled set of rules. The proposal, published by the Bank of Russia, does not mark a full embrace of digital assets. But it does signal a shift away from blanket restrictions toward a model that prioritizes oversight, investor classification, and gradual enforcement. If adopted, it would create one of the clearest crypto trading regimes Russia has outlined to date.

According to the official statement, the framework classifies cryptocurrencies and stablecoins as foreign currency assets. This means they can be bought and sold, but not used as a means of payment within Russia. The distinction is central to how the central bank continues to view crypto as an investment instrument rather than money.

Two investor classes, two sets of rules

At the heart of the proposal is a clear separation between qualified and non-qualified investors.

Non-qualified investors would be allowed to trade cryptocurrencies only after passing a mandatory risk awareness test. This test is intended to ensure that participants understand price volatility, potential losses, and the lack of state guarantees. Even after passing, retail investors would be restricted to trading only the most liquid cryptocurrencies and would face a strict annual cap. Under the proposal, non-qualified investors would be limited to trading no more than 300,000 rubles, or roughly $3,846, per year per licensed intermediary. The cap applies per intermediary, not per individual platform, reinforcing the regulator's focus on controlling exposure rather than banning participation outright.

Qualified investors, by contrast, would face fewer constraints. They would be allowed to trade any cryptocurrencies except privacy coins that use smart contracts to obscure transaction details. While there would be no upper limit on investment size, qualified investors would still be required to pass the same risk awareness test as retail participants. Well, experience and capital do not eliminate risk, but they do change how much exposure regulators are willing to tolerate.

A phased timeline with enforcement 

The proposal is not designed to take effect overnight. Instead, it outlines a multi-year rollout that gives lawmakers, regulators, and market participants time to adapt. The Bank of Russia said the concept calls for the development of a full legislative framework by July 1, 2026. This phase would involve drafting laws, defining intermediary responsibilities, and setting standards for licensing and compliance.

Starting July 1, 2027, the central bank plans to introduce liability for illegal activities by cryptocurrency intermediaries. These penalties would mirror those applied to illegal banking activities, signaling that unlicensed crypto operations could face serious consequences. The delayed enforcement timeline suggests the regulator is focused less on punishment and more on building a controllable market structure first. But once penalties begin, the environment is likely to become far less forgiving.

What happens next

The new set of rules has been submitted to the Russian government for review. Whether it moves forward unchanged, amended, or delayed will depend on legislative priorities and political considerations over the next year. So, what is clear is that the central bank has laid out a roadmap. Legislative changes are targeted for completion by mid-2026. Enforcement begins in 2027. And in the meantime, the framework sends a signal to market participants about where the lines will be drawn.

For Russian crypto traders, the proposal offers something rare in recent years: clarity. Even if that clarity comes with limits.

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