Building on exchanges' readiness for crypto trading, Russia's central bank details limits for retail investors and phases in the digital ruble, aiming for greater market transparency amid ongoing regulatory approvals.
Russia's central bank proposal expands on the framework enabling Moscow Exchange (MOEX) and St. Petersburg Exchange (SPB) to launch crypto trading. It classifies digital assets as foreign currency instruments, with non-qualified (retail) investors facing an annual 300,000 rubles cap per intermediary, restricted to highly liquid tokens like Bitcoin and Ethereum, and requiring a risk awareness test. Qualified investors gain broader access without limits, excluding privacy coins, while all must report activities to tax authorities.
The regime builds on a three-year experimental phase limited to qualified investors, maintaining bans on crypto use for domestic payments. Retail users can access foreign exchanges via overseas accounts or transfer holdings abroad through licensed intermediaries.
In parallel, the digital ruble launches September 1, 2026, starting with large merchants (revenues >120 million rubles), expanding to mid-sized firms in 2027, and full economy-wide adoption by 2028. Legislative amendments target July 1, 2026, with penalties for unlicensed operations from July 2027, enhancing oversight of previously unregulated crypto activity.
