Russia Sets July 2027 Deadline for Crypto Firms to Obtain Licenses Under New Regulations
The crypto market will operate through licensed intermediaries under the new framework.
1Regulatory Overview
Russia's State Duma has passed a new law regulating the cryptocurrency market. Exchanges, custodians, and other service providers must obtain licenses by July 1, 2027. After this date, all crypto transactions within Russia must go through licensed intermediaries.
2Licensed Infrastructure
The law introduces a licensing regime for crypto exchanges, exchange offices, and digital custodians. Both existing financial institutions and new specialized firms can participate. Digital custodians will record crypto asset rights, while exchange offices will facilitate transactions.
3Role of Banks
Banks must meet additional regulatory requirements to provide intermediary services. After 2027, they will be obligated to reject unauthorized transfers. Brokers and organized markets can also operate through licensed exchange operators.
4Investor Rules
Retail investors can invest up to 300,000 rubles annually in liquid cryptocurrencies approved by the Central Bank of Russia. Qualified investors face no limits but must pass suitability tests. Cryptocurrencies remain banned as a domestic payment method.
5Cross-Border Use
Exporters and importers can use any type of wallet or cryptocurrency for cross-border settlements, either through regulated intermediaries or directly. This provision will take effect in September 2026.
6Market Implications
The regulation reflects Russia's effort to bring transparency to the crypto market. Participants have three years to comply. Additional anti-fraud measures will come into force in September 2027.