Putin Signs Russia's Comprehensive Crypto Law with Strict Domestic Payment Ban

Russian President Vladimir Putin has signed Federal Law No. 282-FZ, establishing Russia's first comprehensive legal framework for cryptocurrencies. The law formally recognizes digital assets as property and creates a regulated trading environment while reaffirming a strict ban on using them for domestic payments.

The legislation governs crypto exchanges, custodians, brokers, clearing houses, and the issuance and circulation of digital financial assets, bringing Bitcoin and other tokens under explicit regulatory oversight for the first time. Only entities registered in a special government-operated registry and meeting a minimum capital requirement of 15 million rubles (approximately $185,000) will be authorized to operate as cryptocurrency exchanges.

Retail investors face an annual purchase cap of 300,000 rubles ($3,700) per licensed intermediary for highly liquid cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether's USDT. Qualified investors, on the other hand, will face no such limits and can trade all digital assets.

The law maintains a strict ban on domestic crypto payments but carves out specific exceptions for cross-border trade settlements between residents and non-residents, allowing Russia to use digital assets to bypass Western financial sanctions. Traditional banks are reportedly developing compliant cryptocurrency offerings, while the country's largest bank is preparing to launch a crypto wallet by December.