Overview
- President Vladimir Putin signed the law on August 4, and most core provisions become effective on September 1, 2026.
- The Bank of Russia gains primary oversight of licensed exchanges, custodians and digital depositories and will enforce registration plus capital and reporting requirements.
- Only entities on a special registry may operate exchanges, operators must hold minimum equity (15 million rubles) and existing firms have transition windows that run through mid‑2027.
- Non‑qualified retail investors face mandatory suitability tests and an annual purchase cap of 300,000 rubles per intermediary while qualified investors can trade without that limit.
- Cryptocurrencies remain banned as a means of domestic payment but may be used for specified cross‑border settlements, mining proceeds and certain system fees, and banks must block transfers linked to unauthorized crypto providers; public polling shows low perceived benefit from legalization.