Russia Gives Crypto Firms Until July 2027 to Obtain Licences Under New Market Rules

Russia’s State Duma has adopted legislation establishing a regulated cryptocurrency market, requiring exchanges, custodians, and other service providers to obtain licences by 1 July 2027. From that date, all cryptocurrency trading within Russia must pass through licensed intermediaries, and banks are required to reject transfers that fall outside the authorised regime. Most provisions of the law will take effect on 1 September 2026.

The new framework introduces licensing for crypto exchanges, exchange offices, and digital custodians, allowing both existing financial institutions and new specialist firms to participate. Digital custodians will record rights to crypto assets, while exchange offices will facilitate purchases and sales. Banks, brokers, and asset managers may also offer cryptocurrency services subject to additional prudential requirements. Trading can occur through brokers and organised markets alongside licensed exchange operators. After 1 July 2027, all crypto transactions within Russia must go through regulated organisations, and banks must block unauthorised transfers.

The law permits both retail and qualified investors to buy cryptocurrencies after a mandatory suitability assessment. Retail investors are limited to liquid cryptocurrencies approved by the Bank of Russia and may invest up to RUB 300,000 per year per intermediary. Qualified investors face testing but no investment caps. The legislation maintains the existing ban on using cryptocurrencies as domestic payment, but allows exporters and importers to use cryptocurrencies without restrictions for cross-border settlements, either through regulated intermediaries or directly via any wallet or cryptocurrency.

The main provisions come into force on 1 September 2026, with additional anti-fraud measures applying from September 2027. Market participants have until 1 July 2027 to obtain the necessary licences and bring operations into compliance.