Russia Unveils Framework for Regulated Crypto Market Ahead of 2026 Deadline

Russia is making significant strides in regulating its cryptocurrency market, with the goal of establishing a fully operational framework by the end of 2026. According to Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, the industry will begin functioning within a legal framework before year-end.

The new system will create regulated intermediaries for digital assets, including authorized crypto exchanges and newly created digital depositories that record investors' ownership rights. These operators will be required to maintain minimum capital ranging from 50 million to 250 million rubles, depending on their activities.

The Bank of Russia is also developing a 'white list' determining which cryptocurrencies can be publicly offered through organized trading venues, considering factors such as market capitalization and average daily trading volume. Ordinary investors will be permitted to purchase the most liquid approved cryptocurrencies after passing a knowledge test, subject to an annual ceiling of 300,000 rubles.

Meanwhile, banks face tight restrictions on their exposure to crypto, with proposed prudential ratios limiting aggregate exposure to 1%. The calculation will include both direct crypto holdings and derivatives whose payouts depend on cryptocurrency prices. Banks are expected to begin reporting their crypto turnover and the new risk ratios from January 2027.

The controlled opening represents a significant shift from the Bank of Russia's historically restrictive approach toward cryptocurrencies, creating a legal pathway for domestic investment while keeping trading, custody, and institutional exposure inside a closely supervised perimeter.