Central Bank of Russia says crypto market could begin legal operations by year-end

Russia’s crypto market could start operating legally before the end of this year as authorities complete licensing and regulatory procedures, Bank of Russia First Deputy Chairman Vladimir Chistyukhin said at the Moscow Financial Forum.

The statement, which was first reported by TASS, follows the signing of Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights,”  in August. That law went into effect on September 1, creating the legal scaffolding for a Central Bank of Russia (CBR) supervised licensing regime covering exchanges, brokers, and depositories.

Russia’s central bank has designated Bitcoin, Ethereum and USDT as cryptocurrencies available for public trading on Russian exchanges.

What the new framework actually looks like

Russia’s approach to crypto legalization is best described as “controlled access.”

The law distinguishes between qualified and non-qualified investors, both of whom can trade crypto through licensed intermediaries. But non-qualified investors face a hard annual purchase cap of 300,000 rubles, roughly $3,700, per intermediary.

Qualified investors will be allowed to buy cryptocurrencies traded on exchanges and OTC markets without restrictions. All investors must undergo testing and familiarize themselves with the risks of crypto-asset investments before trading under the new framework.

The law also maintains Russia’s existing ban on using crypto for domestic payments. You can trade it, hold it, and use it for cross-border trade settlements, but you still can’t buy your morning coffee with Bitcoin in Moscow.

Market participants, meaning exchanges, brokers, and depositories, must obtain their CBR licenses by July 1, 2027. Transitional provisions are in place to bridge the gap.

Banks get their own set of guardrails

On September 18, the CBR proposed a draft regulation capping banks’ aggregate crypto-related risk exposure at 1% of their own funds.

The proposal also reclassifies crypto assets within the framework of financial market risks, with mandatory reporting set to begin in January 2027.

For comparison, the Basel Committee’s global standard says banks’ crypto exposures should generally stay below 1% of Tier 1 capital and must not exceed 2%.

Russia’s 1% cap sits at the conservative end of that range, aligning with international prudential norms while retaining a distinctly Russian approach on the retail side

The Ministry of Justice bottleneck

Chistyukhin’s comments carried an implicit note of urgency regarding the Ministry of Justice’s role. The CBR can design the licensing framework, set the rules, and prepare the infrastructure, but the legal market can’t actually function until the Ministry of Justice registers the implementing regulations.

Registry entries and initial licensing could begin before the end of 2026, according to Chistyukhin.