Russia has implemented new laws regarding crypto assets since September 1st, bringing Bitcoin, Ethereum, and USDT into the regulated market. According to the new regulations, relevant exchanges, brokers, and custodian institutions will be supervised by the Russian Central Bank, and retail investors will be able to access these three types of assets through licensed platforms.
Retail investors can buy three types of assets.
The scope of this relaxation is not large. The tradable assets available to non-qualified investors currently only include BTC, ETH, and USDT. Other crypto assets such as XRP, SOL, and ADA have not yet been included.
Ordinary investors can only purchase relevant assets through licensed intermediaries within the country after passing a knowledge test. Each licensed intermediary has an annual purchase limit of 300,000 rubles, which is approximately equivalent to 3,700 US dollars. Qualified investors are not subject to this limit.
Transactions are allowed, but domestic payments are still prohibited.
The new law also clarifies that encrypted assets are granted the status of property, allowing holders to seek legal protection for their digital assets. This means that related holding, custody, and trading activities will have a clearer legal foundation.
However, Russia has not liberalized encrypted payments within its borders. Whether it is for the purchase of goods and services or local transactions such as rent payments, encrypted assets are still not allowed to be used for settlement, and the ruble continues to be the legal payment method within the country.
Expansion of trade settlement and institutional participation space
In addition to retail transactions, the new regulations also allow exporters and importers to use crypto assets in international trade payments. This provides an additional cross-border settlement method for enterprises affected by bank restrictions and sanctions.
The article mentions that existing market participants need to meet the new licensing requirements by July 1, 2027. The Federal Savings Bank of Russia expects that regulated crypto exchanges could achieve a trading volume of 4 trillion rubles in the first year, which is approximately 46.4 billion US dollars.
This line also plans to accept BTC, ETH, and USDT as collateral for corporate loans, which means that institutional funds may further enter this market in the future.
Digital ruble advancement in sync
These new encryption regulations are also being implemented in tandem with Russia's broader digital currency initiatives. Large banks will be required to provide digital ruble wallet services, while retailers with an annual income of over 120 million rubles will need to accept digital ruble payments.
Overall, Russia has not fully liberalized the crypto market this time. Instead, while maintaining the payment ban, it has first included a few mainstream assets in the licensed trading and cross-border settlement systems.
