Cryptocurrency regulation in Russia officially came into force on September 1, 2026, but this does not mean the immediate launch of a fully functional market. According to Kirill Pistsov, head of product development at FG Finam, the law merely established the legal framework, while exchanges, digital depositories, settlement services, and financial companies still have to build the infrastructure needed to operate within it.
The transition period for market participants will last until July 1, 2027. A minimum equity requirement of 50 million rubles has been established for digital depositories. In the coming months, the market will need to demonstrate not so much brokers' readiness to add crypto transactions to their apps as its ability to create a sustainable system with clear custody rules, organized trading, a settlement mechanism, and convenient products for clients.
Legal Framework for Regulation
The foundation of the new regime remains Federal Law No. 259-FZ, “On Digital Financial Assets, Digital Currency, and Amendments to Certain Legislative Acts of the Russian Federation.” The law distinguishes between digital financial assets and digital currency, establishes rules for participants in the regulated market, and restricts the use of cryptocurrency as a means of payment in Russia.
For Russian businesses, international settlements in cryptocurrency are permitted not as a free alternative to conventional payments, but in a regulated format: through an experimental legal regime, in compliance with Bank of Russia requirements, participant identification procedures, and reporting rules. Domestic settlements for goods and services in cryptocurrency are not a legal means of payment.
Taxation, Supervision, and Wallets
Income from crypto transactions is subject to tax. Individuals pay personal income tax on the financial result and report it on their tax returns, while organizations account for profits from such operations when calculating corporate income tax.
Supervision is based on customer identification, transaction monitoring, anti-money-laundering rules, and reporting by market participants to regulators. The more transactions that pass through exchanges, digital depositories, and settlement services, the easier it is for authorities to track the movement of assets and link them to tax obligations.
P2P exchanges remain a sensitive area: if a service effectively facilitates cryptocurrency exchanges as an intermediary, it will have to fit into the regulated framework and meet customer verification requirements. Cold wallets as a means of self-custody are not prohibited, but transactions involving assets as they enter regulated infrastructure will be linked to identification, reporting, and tax accounting.
Asset Custody as a Separate Business
The key issue in the new framework is custody. The Russian model envisions the emergence of digital depositories that will record rights to crypto assets, just as traditional depositories currently record rights to securities.
The Bank of Russia proposes equity requirements for such organizations ranging from 50 million to 250 million rubles. The specific threshold depends on the functions performed by the participant: recording rights only, asset custody, settlement support, or a broader range of services.
A digital depository with the basic function of recording rights to crypto assets requires equity of at least 50 million rubles. A participant combining recordkeeping, custody, and interaction with settlement infrastructure should expect a higher equity requirement. An expanded model with several infrastructure functions may require equity close to the upper limit—up to 250 million rubles.
In the traditional crypto industry, an exchange often combines several roles: accepting client funds, executing trades, and holding assets. The Russian framework is gradually separating these functions among different participants. For investors, this approach may reduce infrastructure risks, but launching a product becomes more complex and expensive for companies: they need equity, control procedures, a technological foundation, and a clear model for interacting with other market participants.
Liquidity Will Not Appear on Its Own
The second major challenge is liquidity. The law allows organized cryptocurrency trading, and exchanges will be able to determine trading modes and calculate market prices independently. But a single trading platform does not create a deep market.
Stabilizing prices and achieving acceptable spreads for mass-market clients requires large participants, market makers, and a sufficient volume of cryptocurrency in circulation. Otherwise, Russian price quotes may differ significantly from global ones, and every transaction will be less advantageous for investors than on familiar crypto exchanges.
This issue is also important for traditional financial infrastructure. If major platforms, including the Moscow Exchange, consider the new model, they will have to assess not only customer demand but also their ability to ensure high-quality trade execution.
The List of Available Assets Will Be Limited
For unqualified investors, the regulator proposes allowing only the most liquid cryptocurrencies. The key criteria are as follows:
- High market capitalization
- Sufficient trading volumes
- A price history of at least five years
In practice, such a list may include the largest and most liquid assets, primarily Bitcoin and Ether. The final list will depend on the Bank of Russia's criteria and market data, and it would make sense to revise it as the liquidity, market capitalization, and trading history of individual assets change.
At launch, the regulated market most likely will not resemble a familiar crypto exchange with hundreds of coins. The focus will be on a short list of large assets, with Bitcoin appearing to be one of the most obvious candidates. This approach reflects the cautious position of the Central Bank of Russia, aimed at reducing risks for retail clients and preventing excessively volatile or insufficiently transparent assets from entering the regulated framework.
Product Economics as the Main Test
Even if adding cryptocurrency to an app is technically easy, financial companies must recalculate the product economics. The main expense items will be custody, compliance, trade execution, reporting, and new regulatory requirements.
The Bank of Russia is already proposing that crypto risks be factored into the financial stability indicators of market participants. This means intermediaries will have to assess not only potential demand but also the equity burden, operational processes, and cost of servicing clients.
The main question for brokers and other intermediaries will be simple: will they be able to offer fees that clients consider competitive compared with those of a regular crypto exchange? If the answer is no, formal access to cryptocurrency will not become a mass-market product.
The Second Stage of Development of Russia's Crypto Market
Kirill Pistsov suggests viewing September 1 not as the final launch, but as the beginning of the second stage of market development. The first stage was legislative: the rules passed through the political and legal system, including the State Duma, and established who may work with cryptocurrency and under what conditions.
Now the more difficult part begins: the rules must be transformed into infrastructure where investors can trade conveniently, with liquidity and clear costs. The external environment, including sanctions related to Russia's invasion of Ukraine, makes the reliability of settlements and the stability of infrastructure particularly important for Russia's financial market. But within the new crypto model, the main test remains practical: the law has already allowed a regulated market to exist, and participants must now prove that it can operate in the interests of clients and businesses.
FAQ
When did cryptocurrency regulation come into force in Russia?
Cryptocurrency regulation in Russia officially came into force on September 1, 2026. The transition period for market participants will last until July 1, 2027.
Which cryptocurrencies will be available to unqualified investors?
For unqualified investors, the regulator proposes allowing only the most liquid cryptocurrencies with high market capitalization, sufficient trading volumes, and a price history of at least five years. In practice, this list may include Bitcoin and Ether.
What is the minimum equity required for a digital depository?
A digital depository with the basic function of recording rights to crypto assets must have equity of at least 50 million rubles. The maximum requirement is 250 million rubles, depending on the participant's functions.
