Putin Signs Crypto Regulation Law, New Rules Start Sept. 1

Russia's new cryptocurrency framework is set to begin on September 1, introducing rules for investors, exchanges, trading platforms, and digital custodians. Retail participants classified as nonprofessional investors—essentially any individual investor—will be allowed to trade crypto only after passing a special assessment. Their purchases will be capped at 300,000 rubles per year per intermediary. Legal crypto trading will be permitted only on Central Bank‑licensed exchanges. Asset custody and bookkeeping will be handled by "digital depositaries," a status existing securities-market depositaries may obtain if they are entered into a special Bank of Russia register. The central bank had previously set eligibility criteria: minimum charter capital of 50 million rubles, rising to 100 million rubles for operators working with foreign systems. Settlement depositaries will face a higher threshold of 250 million rubles. Depositariess must keep complete transaction records and screen clients for suspicious transfers. Stock-market brokers and asset management companies will be able to serve as intermediaries between exchanges and investors. They will also be allowed to help Russian clients access foreign crypto infrastructure. Crypto exchange activity will be legalized provided operators are officially registered and meet the Central Bank’s capital requirements. Only assets with large market capitalization (at least 5 trillion rubles), sufficient liquidity, and a long price history will qualify for trading on Russian exchanges. First Deputy Governor of the Central Bank Vladimir Chistyukhin said Bitcoin, Ethereum, and the stablecoin USDT meet these criteria, though stablecoins are not explicitly referenced in the law. Authorities will allow crypto transactions and storage only through custodial wallets, where private data is controlled by an exchange or another service provider. Cold wallets will be permitted solely for participants in foreign economic activity. Market participants seeking to operate legally in Russia are forming a self-regulatory organization (SRO) for digital-currency operators. Blockchain Life conference organizer Sergey Khitrov said the founding congress is scheduled for September 1 in Moscow and that any exchanger can join without a membership fee. A transition period will run through July 1, 2027, giving market participants time to obtain the required licenses. After that date, all crypto transactions in Russia must be conducted only via licensed intermediaries, and banks will be allowed to block transfers to unauthorized crypto services. From September 1, 2027, a "48-hour cooling-off" rule will take effect for crypto transfers between wallets and fiat accounts. Ahead of the president’s signature, the Bank of Russia published several draft rules on digital-asset regulation. Among other measures, the central bank intends to allow nonprofessional investors to trade cryptocurrencies on leverage, using borrowed funds.