Russia Sets ₽300K Retail Crypto Cap Before September 1 Market Launch

Russia’s Crypto Law Starts September 1

The Bank of Russia said the law allows both non-qualified and qualified investors to transact through intermediaries. The regulated infrastructure will include existing financial institutions as well as new crypto exchanges and digital depositories.

Exchanges will buy and sell cryptocurrencies, while depositories will record rights to cryptocurrency and digital rights. Investors will also be able to exchange cryptocurrency for securities and Russian-law digital instruments, according to the regulator. The same requirements will apply to foreign stablecoins.

That is a more operationally specific framework than a simple permission to hold tokens. On July 27, the Bank of Russia said it had drafted the first operating rules: each exchange would set its trading mode and calculate market and weighted-average prices for the instruments it lists.

The regulator also proposed that digital depositories hold minimum equity of ₽50 million to ₽250 million, depending on their activity. Those institutions would record digital currencies and digital rights using principles comparable to traditional securities depositories, the central bank said in its later update.

The transition period runs through July 1, 2027, giving would-be market participants time to obtain licenses and bring operations into compliance. The Bank of Russia has not named the exchanges, depositories or assets that will be first to operate under the new rules.

₽300,000 Cap Defines Russia’s Retail Crypto Access

For retail customers, the most tangible rule is the per-intermediary limit. ₽300,000 is roughly $3,800 at prevailing exchange rates, but the statutory threshold is denominated in rubles and its dollar equivalent will move with the currency.

The cap applies to purchases of the most liquid cryptocurrencies by non-qualified investors after a test. The Bank of Russia did not use its July announcement to publish the final liquid-asset list, the form of the test or a count of intermediaries expected to qualify.

That leaves the September start date more important than the headline cap alone. A user may be permitted to buy a recognized asset, yet still need an authorized intermediary and an asset accepted by the market’s eventual rules. The restriction also does not make an unlicensed offshore service a regulated Russian venue.

The approach differs sharply from jurisdictions tightening cross-border rails rather than constructing a domestic market. In May, Brazil barred crypto and stablecoins from regulated eFX cross-border payment rails, showing how payment controls and investment-market rules can move in opposite directions.

Cross-Border Crypto Payments Remain Open

Russia’s domestic-payment ban remains in place. Cryptocurrency cannot be used to pay for goods or services inside the country, even as the framework permits investment transactions and exchange services.

For exporters and importers, however, the Bank of Russia said crypto may be used for cross-border settlements without limitations. It said those transactions can be conducted through intermediaries or directly using any types of wallets and cryptocurrencies.

Russian residents will be able to transact abroad only through foreign bank accounts, while cryptocurrency purchased in Russia can be transferred abroad through regulated intermediaries, the regulator said. Crypto holdings recorded abroad must be reported to tax authorities.

That opening comes as access to Russian crypto services is narrowing elsewhere. The European Union’s latest package includes a complete prohibition on crypto-asset service providers and platforms established in Russia, as outlined in our coverage of the EU’s Russia crypto-platform restrictions. The Russian law does not remove those external constraints or guarantee that a foreign counterparty will accept a settlement.

The immediate questions are which assets receive the liquid designation, which intermediaries obtain authorization and how the investor test works in practice. The confirmed starting point is narrower but consequential: regulated crypto trading opens September 1, domestic crypto payments stay banned, and cross-border use remains available to exporters and importers.