Russia's Crypto Market Switches On, But Infrastructure Remains in Limbo

Russia has formally established a regulatory framework for its crypto market, but it remains incomplete. Federal Law No. 282-FZ took effect on September 1, giving cryptocurrency a place within Russia's supervised financial system.

The law allows regulated investment and cross-border use through brokers, exchanges, management companies, digital depositories, and organized trading venues. However, many of these channels are not yet operational.

The Bank of Russia is still developing rules for which cryptocurrencies ordinary investors can buy, how trading venues calculate prices, and what capital requirements digital depositories must meet. Firms have until July 1, 2027, to obtain licenses and comply with the new regulations.