Russia to Outline Crypto-Asset Regulation in July This Year…Introducing Retail Investment Caps and Exchange Rules

Russia is set to flesh out its long-drifting crypto-asset regulatory framework in July. With legislation being prepared that centers on setting retail investment caps and introducing rules for exchanges, major crypto assets such as Bitcoin are expected to move further into the regulatory mainstream.

According to DL News on the 29th (local time), Anatoly Aksakov, chairman of the State Duma (lower house) Committee on Financial Markets, said in an interview with a parliamentary publication that “a comprehensive legislative framework related to crypto assets will be prepared by the end of June and put to a vote,” adding that “the bill will be implemented in stages starting in July.”

The bill also includes regulation of crypto-asset exchanges. Unregistered exchanges currently operating in a gray area could face penalties akin to those for illegal financial businesses, including fines or criminal punishment. If the bill passes, the new regulatory regime is scheduled to take full effect from July 2027.

Restrictions on retail investors will also be tightened. Aksakov said retail investors would need to pass a suitability test to participate in crypto-asset trading, and that a proposal is being discussed to set an annual purchase cap at 300,000 rubles (about $3,800). Once the system is implemented, retail investors will only be able to invest in crypto assets within a defined scope.

The Bank of Russia is expected to directly determine the list of crypto assets that retail investors may purchase. Alexandra Fedotova, an attorney at Whitestone Consulting, said, “It is highly likely the central bank will build a permitted list centered on the top five to 10 crypto assets by market capitalization,” adding, “Bitcoin and Ethereum will definitely be included.” Solana and Toncoin are also being mentioned as candidates.

Crypto assets not included on the list are expected to be restricted so that only “qualified investors” can trade them. In addition, stablecoins may be separately classified as a means of foreign-exchange settlement. Fedotova said, “USDT could come to play the role of a digital dollar for companies’ overseas transactions,” adding, “It is highly likely its use will be permitted only through licensed intermediaries.”