Russia Finalizes Legislative Framework for Cryptocurrency Market

The new framework, designated Bill No. 1194918-8, mandates that all exchanges, brokers, and custodians operate under official licenses. While the legislation creates a path for companies to utilize digital assets for international trade, it maintains a total ban on the use of cryptocurrency for domestic payments, ensuring the ruble remains the sole legal tender for internal commerce. Retail investors face tiered participation rules, with non-qualified buyers limited to 300,000 rubles in annual acquisitions.

Major financial institutions, including Sberbank, VTB, and Alfa-Bank, are already developing infrastructure for custody and trading services to align with the central bank’s requirements. Unlike earlier drafts that sought to mandate the disclosure of individual wallet addresses, the final version focuses on monitoring aggregate balances and transaction volumes. The law also introduces a transition period extending until July 1, 2027, allowing firms to complete registration and adapt internal systems to the finalized regulatory standards.