Russia Sets Regulatory Framework for Cryptocurrency Market Launch

The proposed regulations follow the recent passage of the federal law "On Digital Currency and Digital Rights," which classifies cryptocurrencies as property while maintaining the ruble as the sole domestic payment instrument. Under the new system, the central bank will maintain official registers of all licensed market participants, including platform operators and digital asset issuers. Digital depositories, tasked with recording holdings and transactions, will face equity requirements ranging from 50 million to 250 million rubles, or approximately $600,000 to $3 million, depending on their service scope. These capital reserves must consist of highly liquid, high-credit-quality financial assets.

Retail investment remains subject to strict oversight, with non-qualified investors restricted to highly capitalized assets like Bitcoin, Ethereum, and USDT, capped at an annual purchase limit of roughly $4,000. While domestic payments remain prohibited, the law provides a legal pathway for using approved digital assets in cross-border trade. Major financial players, including Sberbank, VTB, T-Bank, and Alfa-Bank, are already developing infrastructure to align with these requirements. Although the core framework takes effect in September, a transition period for full technical compliance extends into 2027.