Russia Passes Crypto Bill With Retail Buying Limits and Licensed Exchanges

Russia’s State Duma has approved a sweeping cryptocurrency regulation bill in its second and third readings, bringing the country closer to establishing a regulated digital asset market. The legislation now awaits approval from the Federation Council and President Vladimir Putin before becoming law.

If enacted, the main provisions will take effect on Sept. 1, while a transition period will continue until July 1, 2027.

The bill creates a legal framework for individuals and businesses to buy and sell cryptocurrencies through licensed Russian intermediaries, including brokers, asset managers, exchanges, digital depositories, and a newly established category of registered crypto exchangers. However, cryptocurrency payments for goods and services within Russia will remain prohibited.

Retail investors will be required to pass a qualification test before trading and will face an annual purchase limit of 300,000 rubles through each licensed intermediary. Only highly liquid digital assets approved under Bank of Russia criteria, such as Bitcoin (BTC), Ethereum (ETH), and USDT, are expected to qualify. Professional or qualified investors will not be subject to purchase limits.

The legislation also introduces tighter controls on foreign crypto platforms. Beginning July 1, 2027, Russian banks must block direct payments to unlicensed overseas exchanges. According to GMT Legal founder Andrey Tugarin, users will no longer be able to fund foreign trading platforms directly through Russian banking channels after that deadline.

To strengthen fraud prevention, certain cryptocurrency transfers will also be subject to a mandatory 48-hour cooling-off period. The thresholds are set at 300,000 rubles for transfers within Russia’s regulated crypto infrastructure and 100,000 rubles for transfers involving international platforms.

Registered crypto exchangers will need at least 15 million rubles in capital while meeting strict cybersecurity, compliance, anti-fraud, and customer asset segregation requirements.

The bill also expands crypto access for exporters, importers, miners, depositories, and exchangers involved in cross-border trade. It classifies stablecoins such as USDT and USDC as foreign digital instruments, providing greater legal clarity for international settlements.

Despite the progress, Exved founder Sergey Mendeleev criticized the legislation, arguing that it favors major financial institutions while placing heavy restrictions on retail users and existing crypto businesses. He described the framework as more restrictive than supportive, raising concerns about whether Russian crypto users will embrace the regulated system or continue using offshore alternatives.