Russia: Bank of Russia announced proposal to regulate cryptocurrencies

On 23 December 2025, the Bank of Russia published a concept and submitted proposals to the government to regulate the cryptocurrency market. The proposals apply to investors and cryptocurrency intermediaries, including exchanges, brokers, trustees, and depositories. Cryptocurrencies and stablecoins would be recognised as monetary assets that can be traded but not used for domestic payments. It notes that unqualified investors could buy only the most liquid cryptocurrencies after testing, with an annual cap of RUB 300'000 per intermediary. It also provides that qualified investors could buy any non-anonymous cryptocurrency without volume limits, subject to risk-awareness testing. Transactions would use existing licensed infrastructure, with additional rules for specialised crypto service providers. It further provides that residents could buy and transfer cryptocurrency abroad, subject to tax notification. The framework would also allow digital financial assets and other Russian digital rights to circulate on open networks. It also noted that the legislative framework is to be developed by 1 July 2026, with liability for illegal cryptocurrency intermediary activity potentially applicable from 1 July 2027.