Strengthening discipline but with conditional relaxation of restrictions. Cryptocurrency exchanges in Russia outline the crypto legal framework to be implemented starting in 2026. The Central Bank of Russia has just announced a new legal framework proposal for cryptocurrencies, which is expected to be implemented from 2026 and fully completed by 2027, marking a significant shift in Moscow's tough stance on digital assets. According to the proposal, both individual and institutional investors can access cryptocurrencies through licensed platforms, but must pass knowledge tests, adhere to trading restrictions, and face strict penalties for violations. The Central Bank of Russia emphasizes that openness does not mean encouraging speculation. The agency also warns that cryptocurrencies are not issued or guaranteed by any country, are highly volatile, and face risks of international sanctions. In a statement, the Central Bank of Russia said: “Investors need to understand that when deciding to invest in crypto assets, they will bear all the risks of loss.” One of the reiterated core boundaries is that cryptocurrencies and stablecoins are only recognized as monetary assets; they can be bought, held, and traded but cannot be used as a means of payment domestically. Clearly, even if Russia accepts cryptocurrencies as investment tools, it remains committed to maintaining the ruble's exclusive position in its domestic payment system. Under the proposed framework, ordinary Russian citizens can buy and sell cryptocurrencies through licensed intermediaries. The annual limit for non-professional investors to purchase cryptocurrencies through each intermediary is 300,000 rubles (approximately $3,300), provided they pass a risk awareness test. Professional investors