The law lets investors exchange cryptocurrency for Russian securities from September 1, 2026 through regulated intermediaries, while keeping domestic crypto payments banned and imposing tighter retail limits and compliance rules.
Russia's State Duma has approved a sweeping law that for the first time creates a legal framework for exchanging cryptocurrency into Russian securities, while preserving the country's ban on using digital assets for payments inside Russia. Most provisions take effect on September 1, 2026, with a transition period running until July 1, 2027 as intermediaries obtain licenses and adapt infrastructure. The law allows cryptocurrency to be exchanged for Russian securities recorded in domestic depository accounts or registries, but excludes securities held through foreign nominee or foreign authorized holder accounts. These transactions must go through regulated intermediaries such as brokers, banks, exchanges and digital depositories under Bank of Russia oversight, rather than through direct transfers between private individuals. The legislation recognizes digital currency as property and grants judicial protection to holders regardless of whether the asset was previously declared. It also puts the Bank of Russia in charge of maintaining registries for crypto exchangers, exchanges and digital depositories, setting investor access rules, and determining which assets non-qualified investors may buy. Retail access remains tightly controlled. Both qualified and non-qualified investors must pass testing, but non-qualified investors will be limited to the most liquid assets on a Bank of Russia list and to purchases of up to 300,000 rubles per year through a single intermediary. Qualified investors will face no monetary cap after testing and will have broader access to crypto assets and exchange channels. Foreign stablecoins such as USDT and USDC are subject to the same rules as other cryptocurrencies, although the law maintains a more permissive regime for cross-border settlements in foreign economic activity. The law also permits the use of cryptocurrency in clearing, introduces a mandatory 48-hour cooling-off period for transfers of more than 100,000 rubles to non-custodial wallets, and keeps the ban on advertising or using crypto for domestic goods-and-services payments. From September 2027, crypto exchangers will face additional account-verification requirements, and a spring 2026 draft amendment to the Criminal Code would impose penalties of up to seven years in prison for illegal crypto circulation outside the regulated framework.