Russia’s State Duma has adopted legislation creating a regulated cryptocurrency market, Exchanges, custodians and other service providers must obtain licences under the new framework until 1 July 2027. From that date, cryptocurrency trading inside Russia will be required to pass through licensed intermediaries, while banks must reject transfers that fall outside the authorised regime. Most provisions of the law take effect on 1 September 2026.Regulated Infrastructure for Crypto TradingThe legislation introduces a licensing regime for crypto exchanges, crypto exchange offices and digital custodians, allowing both existing financial institutions and new specialist firms to participate in the market. Digital custodians will be responsible for recording rights to crypto assets, while exchange offices will facilitate purchases and sales. Banks, brokers and asset managers will also be permitted to provide cryptocurrency services, provided they comply with additional prudential requirements. Trading may take place through brokers and organised markets alongside licensed exchange operators. Once the transition period ends on 1 July 2027, crypto transactions within Russia will be required to pass through regulated organisations. Banks will be obliged to reject transfers that fall outside the authorised framework.Investor Rules and Cross-Border Use The law allows both retail and qualified investors to purchase cryptocurrencies after completing a mandatory suitability assessment. Retail investors will be limited to liquid cryptocurrencies approved by the Bank of Russia and may invest up to RUB 300,000 per year through each intermediary. Qualified investors will also undergo testing but will not face investment limits. The legislation maintains Russia’s existing prohibition on using cryptocurrencies as a domestic means of payment. At the same time, exporters and importers may use cryptocurrencies without restrictions for cross-border settlements, either through regulated intermediaries or directly using any type of wallet or cryptocurrency. The main provisions enter into force on 1 September 2026, while several measures, including additional anti-fraud rules, will apply from September 2027. Market participants have until 1 July 2027 to obtain the necessary licences and bring their operations into compliance with the new regulatory framework. This article was written by Tanya Chepkova at www.financemagnates.com.

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