Russia is preparing to widen retail access to cryptocurrencies through a draft bill jointly developed by the Central Bank of Russia and the Ministry of Finance. The proposal is positioned as a controlled liberalization that expands access while maintaining traceability and risk discipline.
The framework centers on a dual investor regime that separates retail participation from professional access, designed to broaden market coverage without introducing an uncontrolled risk profile.
A two-tier market with strict retail guardrails
Retail users would fall into the non-qualified category, where non-qualified investors would face an annual purchase limit of 300,000 rubles per intermediary. Retail buyers would also need to pass a mandatory risk-awareness test before trading, reinforcing suitability-style gating at the point of access.
Asset selection is also constrained. Retail access would be limited to a curated list of liquid cryptocurrencies, and anonymous or privacy-focused tokens would be banned for all participants, aligning the model with anti-obfuscation priorities.
Intermediaries, professionals, and the “expanded toolkit” layer
Routing is a core control layer. All transactions would be required to flow through licensed Russian intermediaries—exchanges, brokers, and depositories—rather than opaque channels, which concentrates supervision, reporting, and compliance accountability into regulated entities.
For qualified investors, the toolkit expands materially. Professionals would face no annual cap and could access derivatives and other crypto-linked instruments, and they may participate in an experimental trading regime under tighter market oversight, effectively creating a higher-capability lane for institutional-style activity.
The draft also aims to reduce operational ambiguity by treating crypto closer to property. Income from sales and mining is expected to fall under personal income tax at an indicative 13%–15% range, while inheritance treatment would follow standard property law to simplify estate transfers, supporting cleaner legal workflows for individuals and firms.
On timing, the package is positioned for near-term debate. The draft is slated for discussion during the State Duma’s spring session and is cited with a 70%–80% chance of passage, and if approved, provisions could take effect as early as July 1, 2026, with fuller implementation by mid-2026. Major venues in Moscow and St. Petersburg are described as ready to launch once the framework is finalized, setting expectations for a rapid operational ramp if the bill clears.
