The Central Bank has proposed legalizing cryptocurrencies in Russia under strict supervision.
The Russian cryptocurrency market is poised to gain official recognition, though it will operate under the rigorous oversight of the Central Bank (CBR). The regulator recently unveiled a comprehensive concept that establishes narrow boundaries for crypto assets, strictly limiting their role to an investment instrument. These official proposals have been forwarded to the government for discussion. This material examines the core position of the Bank of Russia and outlines what citizens will be permitted to do with cryptocurrencies if this new framework is approved.
The $3,300 Limit and Mandatory Risk Testing
The Bank of Russia`s regulatory concept marks a significant shift from outright rejection and total prohibition toward the targeted, strictly controlled admission of cryptocurrencies into the domestic market. If approved by the government, the necessary legal framework is slated for development by July 1, 2026. Non-compliance and illegal crypto market activity will face legal penalties starting July 1, 2027, analogous to the responsibility imposed on «black bankers.»
Crucially, the regulator stresses that despite legalization, cryptocurrencies remain a high-risk instrument—they are not issued by states, uninsured, and vulnerable to sharp volatility and sanctions. Investors must clearly understand that by entering this market, they assume the entire risk of complete financial loss.
Under the new model, cryptocurrencies and stablecoins will be classified as currency valuables. They can be bought and sold, but using them as a means of payment within the country is strictly forbidden. This represents a fundamental line that the CBR is unwilling to cross.
A two-tier access system is introduced for investors. Non-qualified investors can purchase only the most liquid assets, and only after passing a mandatory risk awareness test. They will also face a strict annual limit of 300,000 rubles (approximately $3,300 USD) through a single intermediary. Qualified investors will gain access to all cryptocurrencies, excluding anonymous tokens, with no volume limits, but they must also undergo mandatory testing.
All operations must be conducted exclusively through a legal infrastructure—licensed brokers, exchanges, and trust managers operating under existing licenses. Separate requirements will be introduced for crypto-specific participants, such as custodians and exchangers.
Russian residents retain the right to buy cryptocurrency abroad using their foreign accounts, and to transfer previously acquired assets overseas via Russian intermediaries, provided they formally notify the Federal Tax Service (FNS).
Separate attention in the new concept is given to Digital Financial Assets (DFAs): their circulation will be permitted in open networks, offering issuers access to international capital and providing investors with more flexible placement conditions.An Unofficial Driver of Ruble Stability
The change in the Bank of Russia`s attitude is a critical indicator of the transformation occurring within the country`s economic life. For a long time, the regulator was openly hostile toward cryptocurrencies. In 2021, CBR head Elvira Nabiullina famously dismissed cryptocurrencies as a «money surrogate,» emphasizing that El Salvador`s decision to legalize such exchanges earlier that year would not serve as an example for Russia.
However, following the imposition of Western sanctions in the spring of 2022, the regulator began softening its stance. By April 2023, the Central Bank announced that it would allow the experimental use of cryptocurrency in foreign settlements and was already working on creating specialized platforms for such transactions. Even more unexpectedly, at a press conference following the Board of Directors meeting on December 19, 2025, Elvira Nabiullina acknowledged that cryptocurrency mining had become a factor contributing to the ruble`s strengthening during the year.
She admitted that quantifying mining’s precise contribution is difficult because a significant portion of the activity remains in the «gray zone,» outside the purview of statistics and regulators. However, she affirmed that mining’s influence as an additional factor is undeniable, even if it is not a newly emerged phenomenon.
This CBR position aligns with, and even elaborates upon, an earlier statement by Deputy Head of the Presidential Administration Maxim Oreshkin. On December 2, he referred to mining as a «hidden export item.» He estimated that the extraction and sale of cryptocurrencies bring substantial foreign currency inflows to Russia, effectively substituting traditional export revenues.
Oreshkin warned that ignoring these cross-border digital flows in balance-of-payments calculations could lead to substantial errors in ruble exchange rate forecasts. Thus, the conclusion can be drawn that despite the official ban on using crypto assets for domestic payments, they are becoming deeply ingrained in the structure of foreign trade, bypassing habitual channels but generating a tangible macroeconomic effect.
By officially articulating its position through this concept in late December, the Central Bank is establishing a new legal reality where crypto assets exist, but solely under strict control, serving the interests of financial system stability and citizen protection.
Anticipated Relief for Exporters
Oleg Ogienko, CEO of Via Numeri Group, emphasized that currently, external trade settlements for Russian exporters and importers using cryptocurrency are restricted to an experimental legal regime and a closed loop, necessitated by the ban on domestic use as a means of payment between residents. However, the Central Bank`s evolving position offers hope for greater flexibility in this domain soon.
According to Andrey Loboda, an economist and top manager in digital currency communications and industrial mining, preliminary results for 2025 indicate Russia holds the second place globally in Bitcoin mining, trailing only the U.S. The domestic industrial mining market is therefore capable of providing ample liquidity to digital currency market participants. Institutional clients are also increasingly entering the Russian mining market.
Loboda views the forthcoming cryptocurrency market regulation as a logical and well-considered step following President Vladimir Putin’s signing of the mining development law last August. The effect on Russia’s financial sector could be significant, fostering the development of investment products and strengthening Russia’s financial sovereignty. He estimates that Russian individuals currently hold crypto assets exceeding 2 trillion rubles. Furthermore, cryptocurrency has bolstered ruble stability by lessening the demand for dollars and euros in Foreign Economic Activity (FEA). The volume of crypto utilized for FEA this year may amount to several trillion rubles. Loboda is confident that creating and implementing a robust legal framework will move trillions of rubles into the legitimate economy and inject momentum into the country`s financial market development.
Raphael Polansky, Business Development Director at BitMEX, suggests that the CBR`s proposed approach is an attempt to adapt state policy to contemporary financial realities while maintaining control over system stability. «Instead of prohibitions, the regulator is formalizing the market, elevating cryptocurrencies and stablecoins to the status of a legitimate investment instrument.» The positive aspects of this strategy include creating clear rules for a wide range of citizens, allowing mass consumers access to crypto assets, enabling the use of conventional banking services for transactions, and giving the market time to adjust to the new requirements.
However, Polansky notes that the drawbacks of this initiative are linked to increased supervision and a loss of transactional privacy. The established limits and bureaucratic filters, such as mandated testing, may restrict investor activity, while the necessity of obtaining licenses creates a risk of market concentration in the hands of a few large players.
