Russia’s government has approved draft bills that will direct domestic crypto trading through licensed intermediaries and sharply limit retail access. The Finance Ministry said the package legalizes the circulation of digital currencies and digital rights and prohibits transactions in digital currency without regulated intermediaries. The framework increases state oversight while allowing limited access for non‑qualified investors and broader access for qualified investors.
Under the rules, the Bank of Russia will define which “most liquid” digital currencies retail investors may buy. Retail purchasers must pass a suitability test and will be limited to purchases of up to 300,000 rubles ($3,700) per year through a single intermediary. Residents would still be able to buy crypto abroad via foreign accounts, but such transactions must be reported to tax authorities, suggesting the aim is to domesticate trading rather than ban it outright.
The package includes bills on digital currencies and digital rights, amendments to several laws, and changes to the administrative offenses code. It establishes a licensing regime for entities engaged in crypto operations—digital exchanges, custodial services—and sets out administrative liability for organizations conducting exchange activity without authorization. Banks and brokers may participate if they meet specific prudential requirements.
Critics warn the measures could backfire by pushing trading into unregulated channels. Exved founder Sergey Mendeleev said the approach risks treating crypto like securities and driving activity into online and underground venues, likening the effect to how restrictions on casinos moved gamblers out of state control.
The reforms mark a significant tightening of Russia’s crypto oversight, combining licensing, limits on retail participation, and reporting requirements intended to bring more of the market under formal supervision.