Putin Signs Russia's First Crypto Law: Trading Is Legal, Payments Stay Banned
Russia passed its first comprehensive law on digital currencies, creating a regulated framework for issuance, custody, accounting, and trading. The law keeps crypto banned as payment for goods and services and bans advertising that promotes crypto payments, so it allows access but not everyday use. Only firms on a government registry may run exchanges, with capital and self-regulatory requirements, and current operators have until July 1, 2027 to register. Retail access is tightly limited: non-accredited investors can buy only approved liquid coins through licensed intermediaries, up to 300,000 rubles per year per intermediary, and investors must pass a knowledge test. Qualified investors face no cap. The law also allows court protection for crypto holders and takes effect mostly on September 1. It supports cross-border settlements in some cases, including foreign trade and mined coins, giving Russia a monitored channel for crypto activity rather than a free market.
