Russia's first comprehensive crypto law took effect on Sept. 1, opening regulated trading, custody and cross-border settlements under Bank of Russia supervision. Retail investors face a 300,000-ruble annual purchase cap and can currently access only Bitcoin, Ethereum and USDT, while domestic crypto payments remain banned.
Russia's cryptocurrency market shifted onto a regulated footing on Sept. 1, when a new law covering trading, custody and cross-border settlements took effect under Bank of Russia oversight. President Vladimir Putin signed the legislation on Aug. 4, after the State Duma passed the framework in its second and third readings in July.
Retail investors face a 300,000-ruble cap
Non-qualified investors can now buy up to 300,000 rubles worth of eligible cryptocurrencies each year through every licensed intermediary, once they pass a mandatory suitability test. Coinpedia put that ceiling at roughly $3,700. Qualified investors face no purchase limit, though they must still complete the same testing requirement. From Aug. 31, investors can also reach qualified status through a new domestic financial knowledge test paired with an accepted Russian certificate, alongside the existing routes based on income, assets or experience.
Bitcoin, Ethereum and USDT get the green light
Retail access currently stops at three names. According to Coinpedia, non-qualified investors can legally buy Bitcoin, Ethereum and Tether's USDT through licensed domestic platforms, while assets such as XRP, Solana and Cardano are not yet included. Crypto.news reported those three tokens were among the assets proposed by the Bank of Russia for regulated trading in August, with the final retail list still depending on the regulator's eligibility criteria. Sberbank, meanwhile, is preparing crypto trading infrastructure and a digital depository it expects ready by Dec. 1. Coinpedia reported the bank expects regulated exchanges to handle up to 4 trillion rubles, about $46.4 billion, in trading volume in their first year, and that crypto trading volume in Russia could reach $87 billion by 2029 if adoption continues.
Cross-border trade gets a legal crypto route
Domestic commerce remains off-limits: crypto payments for goods, services and rent inside Russia stay banned, with the ruble as the sole legal tender. Foreign trade is different, as exporters and importers can now use cryptocurrency for cross-border settlements without an amount limit under the new framework. Market participants also get breathing room on compliance, since the Bank of Russia has set a transition period running until July 1, 2027 for exchanges and depositories to secure licenses. Russia's digital ruble push lands on the same date, as major banks must give clients access to digital ruble transactions from Sept. 1, with large retailers required to support the central bank digital currency as the rollout continues through 2028.
Sources: crypto.news, Coinpedia Fintech News
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