Russian President Vladimir Putin has signed the country’s first comprehensive law regulating cryptocurrencies.
The law sets out rules for the issuance, storage, accounting and trading of digital assets, bringing the operations of crypto exchanges, brokers, digital asset custodians and clearing houses under a framework overseen by the Central Bank of Russia.
While cryptocurrency trading is now permitted, the law still maintains a ban on using crypto as a payment method for goods and services.
Advertising promoting the use of crypto as a payment medium is also prohibited.
Russia had previously legalized cryptocurrency mining in 2024 through a separate law.
Only organizations registered in a special government register are allowed to operate crypto exchanges.
Existing operators have until July 1, 2027, to complete the registration process.
Licensed exchanges must have at least 15 million rubles of own capital and be members of a self-regulatory body in the financial sector.
Retail investors are only allowed to buy approved cryptocurrencies through licensed intermediaries with a purchase limit of 300,000 rubles per year per intermediary.
All investors must pass a knowledge test before being allowed to invest, while professional investors are not subject to any purchase limits.
The law also provides legal protection to owners of crypto assets regardless of whether the assets have been previously declared.
For international trade, Russia allows the use of digital assets for the settlement of contracts between domestic and foreign companies as well as transactions involving mined cryptocurrencies.
Most provisions of the law will come into effect from September 1.
