Russia Creates Regulated Crypto Market under Putin's New Law
Russian President Vladimir Putin has signed a landmark law that legalizes cryptocurrency trading in Russia. The new legislation creates a regulated digital currency market, allowing Russians to buy and sell approved cryptocurrencies through licensed platforms supervised by the Central Bank.
The law is part of the government's effort to bring crypto activity out of the shadow economy while facilitating cross-border trade. According to blockchain analytics firm Chainalysis, Russia ranks as Europe's largest crypto market by transaction volume, with daily trading totals around 50 billion rubles ($650 million).
Under the new law, both ordinary Russians and investment professionals will be able to buy cryptocurrencies. Retail investors will face stricter rules, including a basic knowledge test and limits on annual purchases of up to 300,000 rubles (about $3,800). Professional investors will also have to pass the test but will not face investment limits.
The law specifies that only the world's largest and most actively traded cryptocurrencies will be available on Russia's regulated market. Bitcoin, Ether (Ethereum), and the USDT stablecoin currently meet the criteria for automatic approval. The Central Bank will be able to approve additional cryptocurrencies in the future if they meet the requirements.
Crypto mining is already legal in Russia but subject to strict rules. Industrial miners must register with the authorities, report their cryptocurrency production, and pay taxes on their earnings. Individuals can still mine crypto at home without registering, provided their electricity use stays below government limits.