Russia is set to launch a comprehensive regulatory framework for cryptocurrencies in July this year, allowing retail participation in the local crypto market.
Anatoly Aksakov, head of the State Duma Committee on the Financial Market, told local news outlet Parliamentary Gazette that the country's upcoming set of rules for crypto will be finalized for voting at the end of June.
Upon approval, the framework would take full effect a year later. This means that both qualified and non-qualified investors are expected to be allowed to trade crypto assets from July 1, 2027.
State news agency TASS reported earlier this month that non-qualified traders would be given limited access to the retail market. Under the framework, they would be allowed to purchase the "most liquid" cryptocurrencies, and up to 300,000 rubles ($3,900) worth of tokens annually.
Professional traders, meanwhile, can purchase every kind of crypto in unlimited amounts, except for privacy tokens such as Monero and Zcash that keep recipients anonymous.
Russian traders would also be permitted to purchase crypto abroad using their foreign accounts and transfer those assets back to domestic platforms. Such transactions would need to be reported to the tax authorities.
"Most likely, the Central Bank will compile a list of the top-5 or top-10 most traded cryptocurrencies on major crypto exchanges," Alexandra Fedotova, lawyer at local firm White Stone, said in the translated report. "BTC and ETH will definitely be included. Possibly SOL or TON will be added, given their popularity in our country. Everything else will be only for qualified investors."
Fedotova added that Russian authorities will likely classify stablecoins separately as tools for economic activities with foreign entities.
Broader rules
Beyond trading, the bill seeks to establish rules for the creation, mining, and distribution of cryptocurrencies, while reaffirming the ban on their use for domestic payments, according to Aksakov.
"In separate legislative acts, we plan to specify administrative, financial, and quite possibly criminal liability for illegal work in this market," Aksakov reportedly said.
Existing licensed exchanges and brokers would be able to continue operating without further requirements, while platforms and storage providers currently in a legal gray area would be required to obtain new licenses tailored to their specific operations, the report said.