Russia is preparing to roll out its long‑awaited regulatory framework for cryptocurrencies, with lawmakers and regulators moving closer to defining how digital assets will be treated within the country.
Beginning July 1, 2027, the new rules are set to introduce liability for illegal activity by intermediaries in the crypto market, with penalties comparable to those applied for unlawful banking operations.
Russia’s Central Bank Outlines Upcoming Crypto RulesThe groundwork for the reforms has been in development for months. Local media reports disclosed that the Central Bank submitted its proposals for changes to cryptocurrency regulation to the government in December last year.
Under the proposed system, retail investors with limited experience would be allowed to purchase only the most liquid cryptocurrencies, and only after passing a suitability test.
Even qualified investors, however, would face additional requirements. They would be required to pass mandatory testing to demonstrate an understanding of the risks associated with crypto transactions.
Once approved, they would be allowed to buy digital assets in unlimited amounts, with one major exception: anonymous cryptocurrencies would be prohibited.
First Reading Looms Next MonthHe indicated that the bill could reach its first reading as early as next month. The law is also expected to introduce administrative, financial and potentially criminal penalties for illegal activity in the digital asset market.
Featured image from OpenArt, Chart from TradingView.com
