Russia Flips Switch on Regulated Crypto Market Despite Incomplete Infrastructure
Russia's new crypto law took effect on September 1st, marking a significant step towards regulating cryptocurrency within its supervised financial system. The framework allows for regulated investment and cross-border use through brokers, exchanges, management companies, digital depositories, and organized trading venues.
However, the market is still incomplete as many of these channels are not yet ready to operate. The Bank of Russia is still completing rules that will determine which cryptocurrencies ordinary investors can buy, how trading venues calculate prices, and what capital requirements digital depositories must meet.
Firms have until July 1st, 2027, to obtain licenses and bring their operations into compliance. Retail investors face tighter restrictions once access expands, with non-qualified investors limited to purchasing up to ₽300,000 of eligible cryptocurrency per year through each intermediary.