Russia plans to establish a comprehensive regulatory framework for cryptocurrencies, with illegal operations potentially facing criminal liability

On September 23, Russian Deputy Finance Minister Ivan Chebeskov stated that Russia will promote the establishment of a transparent and legal cryptocurrency market. The country has approximately 20 million cryptocurrency users, with total investment by residents amounting to about 3.7 trillion rubles, and daily transaction volume reaching around 50 billion rubles. The minimum own funds requirement for non-bank cryptocurrency exchange operators has been reduced to 15 million rubles; starting July 1, 2027, organizations conducting cryptocurrency circulation without authorization may face criminal liability, but individuals disposing of their own cryptocurrency assets are exempt from this. Russia will also require tax residents to report cryptocurrency transactions outside the regulatory system and is studying the feasibility of issuing a domestic stablecoin.