Russia opens crypto trading to retail investors: A comprehensive analysis of the 2026 market compliance roadmap

The Moscow Exchange and St. Petersburg Exchange have confirmed that once Russia’s new legislative framework is implemented in mid-2026, they are prepared to launch regulated cryptocurrency trading on major securities exchanges.

According to a new regulatory framework proposal published by the Central Bank of Russia in December 2025, starting in 2026, ordinary Russian citizens will be able to purchase cryptocurrencies on regulated platforms after passing a risk assessment. The annual purchase limit through a single intermediary for non-qualified investors is 300,000 rubles (approximately $3,300), while qualified investors will generally have no limit.

Policy Historic Shift

A new regulatory framework proposal announced by the Central Bank of Russia marks a fundamental shift in the country’s attitude towards cryptocurrencies from “total ban” to “compliant access.” This regulatory framework provides, for the first time, a systematic legal entry point for individuals and institutions to participate in cryptocurrency trading.

The core drivers of this policy shift are a combination of practical pressures, economic needs, and international environment factors. Since the 2022 Russia-Ukraine conflict triggered a series of severe Western financial sanctions, the actual role of cryptocurrencies in cross-border settlements in Russia has become increasingly prominent.

The trend of companies using crypto assets for international fund transfers continues to grow, transforming cryptocurrencies from a prohibited “option” into a tangible “reality.” The Central Bank of Russia has officially recognized cryptocurrencies and stablecoins as “monetary assets,” meaning they can be legally bought, sold, and held, but are explicitly prohibited for domestic payments.

Investor Access Rules and New Regulations

According to the proposal, Russia’s regulatory framework sets differentiated access rules for market participants. Ordinary retail investors must pass a risk awareness test before purchasing the most liquid cryptocurrencies, and their annual purchase through a single intermediary cannot exceed 300,000 rubles. This limit reflects a balance between opening the market and controlling risks. In contrast, qualified investors, after a more rigorous knowledge assessment, can trade without limits, though all anonymous coins remain prohibited.

Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, has explicitly stated that cryptocurrencies “will never become Russia’s currency,” and are only permitted as investment tools. All domestic payments must still be settled in rubles. The new regulatory timetable indicates that lawmakers aim to complete the main cryptocurrency legislation by July 1, 2026. Provisions introducing liability for illegal crypto intermediary activities are scheduled to take effect from July 1, 2027.

Current State of the Russian Crypto Market

Despite early restrictions, Russia’s crypto ecosystem has developed rapidly, becoming Europe’s largest cryptocurrency market.

According to Chainalysis data, from July 2024 to June 2025, Russia received a total of $376.3 billion in crypto transactions, surpassing the UK’s $273.2 billion. Large transfers over $10 million increased by 86%, nearly double the 44% growth seen in other parts of Europe. DeFi usage also surged eightfold in early 2025. The stablecoin A7A5, pegged to the ruble, reached a market cap of $500 million, making it the largest non-dollar-pegged stablecoin globally. Cryptocurrency mining has become an important part of the Russian economy, contributing over 16% of global hash rate during the summer months.

Major Financial Institutions Are Ready

Russia’s largest bank, Sberbank, has begun offering regulated crypto investments, such as structured Bitcoin and Ethereum bond investments and digital assets. Sberbank’s Vice Chairman, Anatoly Popov, stated that the bank is engaged in “active dialogue” with the Central Bank of Russia on how to incorporate crypto services into regulated channels, while also developing blockchain infrastructure independently.

The Moscow Exchange claims to be “actively developing solutions to serve the crypto market,” and the St. Petersburg Exchange emphasizes that it already has the “technical infrastructure needed for trading and settlement.” The Central Bank of Russia is planning to introduce new regulations requiring commercial banks to report details of customer transactions related to cryptocurrencies. This requirement is part of the upcoming new reporting system for cross-border fund transfers for all Russian citizens.

Bitcoin and Ethereum Price Performance

As of January 16, 2026, the main assets in the crypto market show divergence. Bitcoin (BTC) is priced at $95,837.1, down 0.66% in 24 hours, with a market cap of $1.9 trillion and a market share of 56.44%. Ethereum (ETH) is priced at $3,317.35, down 0.32% in 24 hours, with a market cap of $401.16 billion and a market share of 11.74%.

The total global crypto market cap is approximately $3.37 trillion. Market data indicates a slight correction across the overall crypto market, with major assets experiencing minor declines. In terms of trading volume, Bitcoin’s 24-hour trading volume is $1.14 billion, and Ethereum’s is $590.78 million.

Opportunities, Risks, and Market Impact

Once implemented, the new regulatory framework is expected to have a profound impact on the structure of the crypto markets in Russia and beyond. The most immediate change will be the centralization of traffic and business. Currently, a large portion of gray-area peer-to-peer and offshore platform transactions will likely shift to newly authorized domestic licensed platforms.

For ordinary Russian citizens, compliant access is a double-edged sword. On the positive side, investing in cryptocurrencies becomes legitimate for the first time, and operating on regulated platforms theoretically offers better consumer protection and dispute resolution. However, strict limits, testing requirements, and comprehensive transaction reporting mean that the “freedom” comes at the cost of full “transparency.” This may suppress some speculative activities seeking anonymity and unconstrained trading, but it will also attract more cautious investors previously deterred by legal uncertainties.

From a global perspective, Russia’s clarification of its regulatory policies as a major economy could have spillover effects. On one hand, it provides a reference model for other emerging markets seeking balanced regulation.

Legalization of Cryptocurrency Mining in Russia

Russia’s crypto industry has long surpassed trading activities alone. Industry estimates suggest that Russia produces tens of thousands of bitcoins annually, with daily mining revenue around 1 billion rubles, and during summer months, the country contributes over 16% of global hash rate. A senior Kremlin official, Maksim Oreshkin, recently stated that mining should be viewed as an export activity, as the assets mined are effectively exported abroad without crossing physical borders.

Russia officially legalized cryptocurrency mining on November 1, 2024, requiring legal entities engaged in mining to register with the Federal Tax Service. The Governor of the Central Bank of Russia, Elvira Nabiullina, acknowledged that crypto mining has, to some extent, supported the stability of the ruble. However, she also pointed out that due to widespread gray-area operations, accurately measuring its impact is challenging, and illegal mining, estimated to cause billions of dollars in losses annually through electricity theft and tax evasion.

The Moscow and St. Petersburg Exchanges have confirmed that once Russia’s new legislative framework is implemented in mid-2026, they are ready to launch regulated cryptocurrency trading. This policy change could transition Russia’s crypto activities from the current “gray area” toward transparency and compliance. As the July 2026 legislative deadline approaches, Russia’s crypto market stands at a historic crossroads. For investors seeking compliant channels, global trading platforms like Gate may become an important bridge connecting domestic and international markets. The evolution of Russia’s crypto regulation not only reflects a pragmatic response to economic pressures but may also serve as a case study for other markets facing similar challenges.