Russia enacts crypto law before trading systems ready

Federal Law No. 282-FZ took effect on Sept. 1, creating a legal framework for regulated crypto investment and cross-border settlements in Russia. The law permits services to be provided through brokers, exchanges, management companies, digital depositories and organized trading venues. Cryptocurrencies remain banned for domestic payments.

The Bank of Russia must issue implementing rules that will define which assets can be sold to retail investors, how organized trading venues calculate prices, and capital and operational standards for digital depositories. Two regulatory measures dated Aug. 27 were undergoing registration with the Justice Ministry as of late August.

Market participants have until July 1, 2027, to obtain licenses and bring operations into compliance with the new regime. Additional provisions of the law take effect in July and September 2027. Regulators and firms must complete rulemaking, register measures and build trading and custody systems before ordinary investors can trade widely.

The law establishes a tiered retail regime. Non-qualified investors must pass an examination and are limited to purchasing no more than ₽300,000 of eligible cryptocurrency per year through each intermediary. Qualified investors must complete testing but will not face the same monetary cap.

The central bank has proposed an initial list of assets eligible for retail purchase that includes Bitcoin, Ethereum and Tether’s USDT, but that list has not been formalized. The legislation allows exporters and importers to use crypto for cross-border settlements and covers foreign stablecoins.

Until the Bank of Russia issues its operating rules and a sufficient number of firms secure licenses, exchanges, custodians and trading venues will remain limited or non-operational. The law establishes the legal structure; practical access for many investors and businesses depends on the completion of the remaining rules and the licensing process.