The regulatory framework for the Russian encrypted market has officially landed. The Russian State Duma has adopted a law covering the chain of transactions, trusteeship, brokering and liquidation, most of which will enter into force on 1 September 2026. The new law allows for the holding of a licence while maintaining the ban on encrypted payments in the country.

Access of licensed institutions to regulatory frameworks

The new law would establish a directory of encrypted market operators, and approved institutions could provide related services under a regulatory framework. The existing platform could continue to operate by 1 July 2027 to complete registration and compliance adjustments.

Banks are also included in the enforcement chain. If a bank suspects that a company is not authorized to conduct an encrypted exchange business, the transfer must be refused. This means that banks will assume greater responsibility for intercepting unlicensed encryption activities.

Set an annual cap on retail purchases

Under the new regulations, retail investors can purchase more mobile encrypted assets through licensed intermediaries, but the maximum annual purchase per intermediary is approximately 300,000 roubles, or approximately $3800. Qualified investors face fewer constraints and have access to a wider range of assets.

  • Most provisions have been in effect since 1 September 2026
  • 1 July 2027
  • The annual retail limit is about 300,000 roubles.

The law also affords judicial protection to digital currency holders. Even if the assets in question had not previously been declared, the holder could still defend his or her interests through the courts, which provided a clearer path for the legal claim to encrypt assets.

Retention of space for foreign trade settlement

This law does not liberalize domestic payment restrictions. Russian residents are still unable to pay for food, goods or local services with encrypted assets such as bitcoin. However, Russian enterprises may, under certain conditions, use authorized digital assets to complete a partial cross-border settlement.

The new law also covers encryption mining, distribution and circulation, as well as related services provided by brokers, regulators, trading platforms and clearing agencies, meaning that more encryption activities are being formally regulated in Russia.

Banks and exchanges are starting to prepare.

The major Russian financial institutions have begun preparations for a compliance encryption operation. The Savings Bank of the Russian Federation plans to introduce encryption wallets and digital asset hosting services after the entry into force of the new framework. The infrastructure is also being advanced by the VTB, T-Bank, the Moscow Exchange and the Alpha Bank.

At the international level, Japan, Viet Nam and the European Union have also recently advanced their encryption regulatory arrangements. The United States market, on the other hand, continued to focus on CLARITY Act, where it was reported that, following progress on ethical provisions, the bill had increased to 52 per cent by chance.