Overview
- First Deputy Governor Vladimir Chistyukhin said citizens may sell or transfer existing crypto without time or volume caps, with limits proposed only for new purchases.
- Most operations are slated to run through currently licensed market participants, and a distinct category with licensing for crypto exchangers is under consideration.
- Draft amendments with transition periods are under interagency review, with adoption targeted for spring 2026, entry into force by late 2026, and liability for illegal activity from mid‑2027.
- The Bank dropped plans for a three‑year experimental regime in favor of direct legislation designed to move activity from the gray zone into a legal framework.
- Access is expected for qualified investors who pass testing, and carefully constrained access for retail investors is still being debated with a focus on the most liquid instruments.