Russia has moved from tightly limiting crypto trading to creating a formal market for both qualified and non-qualified investors. The new rules took effect on September 1, 2026, after the State Duma approved legislation governing cryptocurrency transactions.
Under the new system, non-qualified investors can buy the most liquid cryptocurrencies after passing a risk test. Their purchases are limited to 300,000 rubles per year through one intermediary. Qualified investors can trade cryptocurrencies without that amount limit, but they must also pass a test.
The change builds on a proposal first outlined by the Bank of Russia in December 2025. At that stage, the regulator proposed allowing retail access while keeping strict limits. The final system kept the 300,000-ruble limit and created a regulated structure for crypto trading.
Russia moves from a test system to a formal crypto market
The Bank of Russia said the new law allows both types of investors to trade crypto through licensed intermediaries. These can include exchanges, brokers and other approved market participants. The regulator says the system is designed to bring crypto trading into a controlled financial market.
The rules also keep a clear line between crypto trading and payments. Russia does not treat private cryptocurrencies as a legal means of payment inside the country. Investors can buy and sell the assets, but the new market does not turn Bitcoin or Ether into domestic money.
For retail investors, the 300,000-ruble limit applies through each intermediary. The Bank of Russia later published rules on how the limit will be calculated and which assets can be offered to non-qualified investors. Its initial list includes Bitcoin, Ethereum and Tether’s USDT, based on liquidity and other market measures.
The risk test is another major part of the system. Every investor must show that they understand the risks before trading. The Bank of Russia continues to describe crypto as a high-risk asset because prices can move sharply and investors can lose their money.
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The new rules still keep strong limits
Qualified investors have more freedom under the new framework. They can buy and sell a wider range of cryptocurrencies without the 300,000-ruble annual limit. Anonymous cryptocurrencies remain excluded because their systems can hide information about transfers.
The framework also gives licensed intermediaries a larger role. The Bank of Russia has been working on rules for crypto exchanges and digital repositories, which will provide the infrastructure needed for regulated trading. The regulator has also set requirements for how crypto prices and trading volumes should be measured.
This is a major change from March 2025, when the Bank of Russia proposed an experimental system limited to “especially qualified” investors. At that time, individuals needed more than 100 million rubles in investments or more than 50 million rubles in annual income to qualify. The later framework opened the market to ordinary investors, but with a much smaller annual limit.
The change also shows that Russia is trying to separate crypto investment from uncontrolled crypto use. The government now has a system for tracking trades through approved intermediaries, while the Bank of Russia can set limits and rules for the assets available to retail investors. The market is therefore more open than before, but access remains controlled.
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