Overview
- The law, signed by Vladimir Putin on August 4, 2026, creates a formal licensing system for crypto exchanges, digital depositories, custodians, brokers and clearing houses.
- Only entities listed in a state registry may run exchange services and must meet a minimum equity test of 15 million rubles while many operators may continue to operate without registration until July 1, 2027.
- Retail investors will be limited to buying the most liquid cryptocurrencies through intermediaries with a 300,000‑ruble annual cap per intermediary and must pass suitability testing while qualified investors face no purchase cap.
- The measure keeps a ban on using cryptocurrencies as domestic legal tender but allows narrow exceptions for foreign‑trade settlements, mining proceeds and certain system fees, and it requires banks to block transfers tied to unauthorized exchange providers.
- Key rules will be phased in from September 1, 2026, with additional provisions in 2027, and draft implementing regulations from the Bank of Russia set capital, reporting and liquidity tests that favor large banks as the primary on‑ramps.