Russia’s central bank unveils new crypto rules to be adopted in 2026

Core Viewpoint - Russia's central bank is proposing a framework to legalize and regulate cryptocurrency trading for individuals and institutions, indicating a shift towards a more accommodating stance on cryptocurrencies while still warning about the associated risks [1][2][3]. Group 1: Regulatory Framework - The proposed framework recognizes digital currencies and stablecoins as monetary assets that can be bought and sold, but prohibits their use for domestic payments [2][3]. - The framework grants legal status to crypto services offered by existing financial firms in Russia, including exchanges, brokers, and asset managers, provided they operate under current licenses [5]. Group 2: Investment Guidelines - Ordinary Russian citizens would be allowed to buy and sell cryptocurrencies through regulated platforms, with nonqualified investors limited to purchasing up to 300,000 rubles (approximately $3,300) worth of crypto per intermediary each year, contingent on passing a risk-awareness test [4]. - Qualified investors would be able to trade without volume caps but would also need to undergo a knowledge assessment [4]. Group 3: Broader Access and Compliance - The proposal allows Russian residents to purchase crypto abroad using foreign accounts and transfer those holdings to licensed domestic platforms, with mandatory tax reporting requirements, marking a reversal from the previous stance of the Bank of Russia [6]. - The framework supports the broader use of Russian-issued digital financial assets (DFAs), including their circulation on public networks and potential access for foreign investors [6].