Putin greenlights crypto trading in Russia — just don't try buying lunch with it 🪙

Russian President Vladimir Putin signed the country's first comprehensive cryptocurrency law on Tuesday, establishing a regulated framework for digital asset trading while preserving the ban on using crypto for domestic payments. The legislation, bill No. 1194918-8, is titled "On Digital Currencies and Digital Rights," according to State Duma records.

The law brings exchanges, brokers, custodians, clearing houses and digital depositories under a single Bank of Russia-supervised regime. Crypto exchange operators must meet capital requirements, join a financial market self-regulatory organization and appear on a government registry. Registered exchanges need at least 15 million rubles (about $187,000) of own capital, with regular exchange activity defined as trading more than 3.5 million rubles in a month. Existing operators have until July 1, 2027 to register; banks and foreign-lender branches must reject transfers suspected of routing through unregistered providers.

Retail access is capped and gated. Non-accredited investors may purchase approved cryptocurrencies through licensed intermediaries up to 300,000 rubles ($3,700) per year per intermediary, and must pass a knowledge test. Qualified investors face no purchase limit and may buy any cryptocurrency. The Bank of Russia will determine which assets licensed intermediaries can offer. The law also confirms court protection for crypto owners regardless of prior disclosure.

Core provisions take effect Sept. 1, 2026, with rules for non-resident digital depositories scheduled for July 1, 2027. Russia legalized cryptocurrency mining in 2024 under a separate bill signed by Putin, and the new law fills the trading and custody gap that framework left open. The ban on using digital currencies as payment for goods and services inside Russia remains, alongside restrictions on advertising that pitches crypto payments.

Settlements under foreign trade contracts between residents and nonresidents are permitted, as are deals involving mined coins and payments inside digital asset platforms. The framework aligns with Russia's digital ruble rollout, which central bank governor Elvira Nabiullina has said banks must support by the same Sept. 1 date. The State Duma approved the legislation after final readings in late July.