Russia Sets Out Tiered Crypto Trading Plan With Retail Caps and Privacy-Token Ban

Overview

• Non‑qualified investors would need to pass a risk‑awareness test and could trade only highly liquid tokens, capped at 300,000 rubles per intermediary each year.
• Qualified investors face no investment cap but must complete the same test and are barred from privacy‑focused tokens that conceal transaction details.
• Crypto and stablecoins remain prohibited for domestic payments, and digital assets would be treated as foreign‑currency instruments under the proposal.
• Residents could buy crypto on foreign exchanges using overseas bank accounts and transfer existing holdings abroad via Russian intermediaries, with all such activity reported to tax authorities.
• Legislation is targeted for July 1, 2026, with penalties for unlicensed intermediation from July 2027 and a digital ruble rollout beginning September 1, 2026; a separate report says DFA rules would cap retail purchases at 600,000 rubles and could allow issuance on public blockchains.